In a statement from MAS, it has been said that the anonymous nature of virtual currency transactions makes them particularly vulnerable to these risks.
In response, MAS is formulating regulators' regulations that manage virtual currency exchange and vending machines to verify the identity of their customers. Any suspicious transactions will be reported to their suspicious trading reporting office.Oang Chang Tei, deputy managing director of MAS, said: "Money Laboratory is adopting a targeted regulatory approach towards virtual currency to deal with the money and transactions and the risk of terrorist financing. Depending on the major risks of virtual currency and the necessary caution Should be adopted. "
This new requirement is to facilitate cash transactions in their country which already exist for the financial and remittance companies.Greater transparency
Antony Lewis, a Singapore-based bitcoin exchange business, said: "We welcome the regulatory transparency for Bitcoin, and we appreciate this move by Singapore's currency authorities."
He went to tell Bit to pay bank-level security in this trading bitcoin, comcluding:
"Things that are related to the transaction are controlled outside the market, converting consumers."
The MAS statement states that Bitcoin can not see virtual currency as a securities or legal tender, and as such, it is not covered under the Intermediary Securities and Futures Act and the Financial Advisers Act.
Last year, MH had warned consumers of potential dangers of digital currency, but by December this statement will not interfere with the acquisition of Bitcoin.
Authorities say: "A business decision that does not accept Bitcoin in exchange for business or