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Singapore to Regulate Crypto-Based Businesses, Not Cryptocurrency Itself

Sun Oct 08, 2017 12:17 pm

Mr. Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister, Coordinating Minister for Economic and Social Policies, and Chairman of Singapore’s financial watchdog, the Monetary Authority of Singapore (MAS), has responded to a question pertaining to MAS’s assessments and regulatory intentions regarding cryptocurrencies and initial coin offerings (ICOs). Mr. Shanmugaratnam replied by stating that the Singaporean regulator did not recognize bitcoin as legal tender, and that the MAS will likely seek to regulate companies providing bitcoin payment services, rather than the cryptocurrency itself.
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