Singapore is now quickly moving towards becoming the world’s first country to embrace cryptocurrencies in an official manner as national financial regulators highlighted they are open towards this emerging industry.
The Singaporean government looks like having a plan for the introduction of cryptocurrencies. This became evident at the 2018 Singapore Consensus. This is where thousands of experts, entrepreneurs and visionaries involved in the crytpcourrency industry were invited to discuss and to create brand new links that could be the foundation of the industry’s future.
A very big part of the meeting was the discussion held by MAS (Monetary Authority of Singapore) representatives about cryptocurrency future in Singapore. The Financial regulators seem to be quite ahead of many of the developed country when referring to industry understanding. Future plans are already in motion.
The MAS declared that there are clear differences between cryptocurrency types: security tokens, payment tokens and utility tokens. According to MAS’ head of FinTech Ecosystem and Infrastructure:
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.
It was also stated that the MAS does not try to regulate the technology used. It tries to regulate the purpose.
Authorities in Singapore do not want to impose regulations on all the cryptocurrency products. Payment tokens and security tokens need attention but utility tokens do not require much control.
Singapore has always tried to be ahead of the world when looking at entertainment, tourism, healthcare, technologic innovation, education and finance innovation. The one thing that is clear is that the country tries to be the very first in the world that adapts and adopts cryptocurrency.
Projects related to cryptocurrency were highly successful in Singapore. We will soon see the very first crypto debit cards issued in the country. Also, the Monetary Authority of Singapore is in an encouraging phase towards the entire crypto industry. This became obvious around a month in the past as the institution made it clear that it is going to work with different global institutions with the purpose of introducing tokenized digital currencies.
Basically, Singapore aims to live up to the standard of “the most expensive city of the world” and will take the steps necessary to fully accept cryptocurrencies in the financial market. No words were said about what is going to happen exactly but we do expect news to appear really fast.