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Singaporean Regulator To Allow Crypto Firms To Open Accounts In Banks

08:02 11/10/2018

In Singapore, the financial regulator offered its support to crypto firms that have issues with bank accounts, Bloomberg reports.

 

Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), believes that the crypto sphere needs to be integrated with the banking environment to see how they can operate in parallel.

 

Some Singaporean crypto companies faced difficulties in conducting transactions in their networks because of the refusal of local banks to open accounts.

 

The head of the MAS claims that the crypto business is different from the traditional one, so “banks may need to employ other ways in which they can establish bona fide” of digital operations. Nevertheless, he stressed that he cannot condemn banking companies for refusing to open accounts for crypto projects: many aspects in digital systems are not understandable to traditional financial organizations.

 

Menon states that the Singapore regulator intends to divide crypto assets into three categories: utility tokens; tokens with characteristics of securities regulated by the Securities and Futures Act; bitcoins. However, he believes that the Authority is less concerned about them since the ICO with the participation of the first cryptocurrency is not like operations with securities.

 

The main difficulties in regulating the crypto sphere Menon called the protection of clients and the prevention of money laundering.

 

As previously reported, the Singapore financial regulator considers tokens as assets that should not be subject to securities regulation.

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