Singapore is generating policies that will support crypto trading. With this new development, the Asian country is placing itself on the growing lists of nations like the United States, Japan, and El Salvador adopting crypto trade laws.
The Singaporean government plans to simplify cryptocurrency laws for local and foreign companies, thus making the country a crypto-centric focused economy.
MAS, Singapore’s financial agency headed by Ravi Menon, has announced that there is a high possibility of the country adopting cryptocurrency.
As explained by Ravi, MAS seeks to leverage the cryptocurrency market rather than outrightly regulation like other neighboring countries have embarked on.
According to Ravi, cryptocurrencies are a great investment for the future. With this development, Singapore is leading the pace in crypto movement.
MAS would make strict laws to ensure that crypto companies adhere with all necessary requirements, however, Ravi added that MAS still seek to make the laws friendly to the companies.
Explaining further, Ravi noted that, Singapore needs to improve security to avoid illegal trading in the country’s crypto space.
Singapore has attracted lots of crypto investors including Gemini and Binance Holding, both crypto trading companies are operating provided they adhere to the laws.
With all this in place, can Singapore really do this successfully without a future change in policy?
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