SINGAPORE MAY BECOME FIRST COUNTRY TO FULLY EMBRACE CRYPTOCURRENCIES

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howlermunkey
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SINGAPORE MAY BECOME FIRST COUNTRY TO FULLY EMBRACE CRYPTOCURRENCIES

Sun Sep 23, 2018 2:56 pm

It seems that the Singaporean government has a well-thought-out plan for introducing cryptocurrencies into their economy, according to TechCrunch.

The Singapore Consensus 2018 welcomed thousands of cryptocurrency visionaries, entrepreneurs, and experts to discuss and create new links that might form the foundation of the future of the industry. An essential element of the meeting was the talk delivered by the representatives of the Monetary Authority of Singapore (MAS) with regards to the future of cryptocurrencies in their country. It seems that the Singaporean financial regulators are far ahead many other developed countries concerning their understanding of the industry and plans for the future.

The MAS makes a clear discrimination between different types of cryptocurrencies: utility tokens, payment tokens, and security tokens. Damien Pang, the Head of FinTech Ecosystem and Infrastructure within MAS said that “the MAS takes a close look at the characteristics of the tokens, in the past, at the present, and in the future, instead of just the technology built on.”

No, the MAS will not restrict blockchain or cryptocurrencies, it doesn’t aim to “regulate technology itself but [its] purpose,” according to Pang.


https://bitcoinist.com/singapore-fully- ... urrencies/
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Re: SINGAPORE MAY BECOME FIRST COUNTRY TO FULLY EMBRACE CRYPTOCURRENCIES

Wed Sep 26, 2018 9:32 am

Well, it's an expected development after all. Why? Because bitcoin was first a niche "hobby" for nerds, then it became an interesting project attracting daring investors, then it became quite widespread and triggered the creation of similar projects (litecoin, ethereum, ripple, dogecoin...), and then was the time to enter serious business : first, be accepted for serious "real life" purchases and be endorsed by powerful companies (here's an example about the real estate market's first purchases in bitcoin), and finally, it's starting to be endorsed by state actors ; if I'm not mistaken, there were even talks about accepting it in different companies in Russia as well.

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