Singapore has moved one step ahead in introducing cryptocurrencies entirely into the country. The move comes at a time when most of its Asian neighbours are still debating on the regulations on cryptocurrencies.
Encouraging Signs by the Monetary Authority of Singapore (MAS)
The Singapore Consensus 2018 highlighted the cryptocurrency revolution with thousands of cryptocurrency enthusiasts networking and discussing the future of the digital coins.
What surprised many was the encouraging speech by the Monetary Authority of Singapore (MAS) who spoke about cryptocurrency positively.
The head of the Fintech Ecosystem and Infrastructure at MAS, Damien Pang showcased his knowledge on cryptocurrencies. He spoke about the various cryptocurrencies which included utility tokens, payments tokens and even security tokens.
“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 doesn’t aim to regulate technology itself but [its] purpose,” Pang said.
An understanding of the cryptocurrencies has helped Pang realise that Singapore does not plan to impose regulations. No wonder Singapore is way ahead regarding Asian countries in terms of development.
Singapore becoming Asia’s Crypto Hub
With Singapore being in close proximity to Asian countries like China which has banned cryptocurrency activity, it has resulted in several cryptocurrency foundations being established in Singapore by Chinese nations.
In 2017, Singapore was ranked three concerning Initial Coin Offering issuance of funds raised only being beaten by the United States and Switzerland.
Blockchain and Beyond
Singaporean authorities have made it clear it will use distributed ledger technology to boost financial transactions and improve the security of trade finance along with efficiency. With an open culture of Blockchain adoption, testing of the product or service is efficiently done in a country like Singapore. For example, Tada which is the Blockchain equivalent of Uber was tested in Singapore when it came to choosing a foreign country outside of Korea to check it’s efficiency.
A Crypto Example in the Making
With Singapore being the most expensive cities in the world, the implementation of cryptocurrency in the economy showcases the characteristic importance of the digital currencies for overall development.
History repeats itself, and in this case, it’s similar where Singapore has historically been a financial hub in Southeast Asia it is now proving to become the crypto hub of Asia.
Zerocrypted’s Opinion – Singapore becoming Crypto hub for Asia and fully adopting cryptocurrencies will lead to other countries to follow Singapore’s footsteps, and may lead to China changing it’s mind about the cryptocurrency ban given the Chinese influence in Singapore. This could probably lead to a massive adoption of cryptocurrencies in Asia. However, this process may take years until its finished – so don’t be full bullish now.
Image Source: Independent.co.uk
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