The head of the Monetary authority of Singapore (MAS) and Deputy Prime Minister Tharman Shanmugaratnam said that the Ministry is developing a regulatory framework to regulate the cryptocurrency market. This was reported on the website of the regulator.
Responding to a question from a member of Parliament, Shanmugaratnam confirmed that the financial regulator “monitor” cryptocurrencies such as bitcoin and Ethereum, but it is not going to regulate their treatment. However, he stressed that some of the peripheral activities of the industry requires legal intervention.
According to him, MAS is developing a regulatory framework for cryptocurrency payment systems with the aim of combating money laundering and financing of terrorism.
The Deputy Premier also noted that the legal framework for regulation the ICO will be developed “when it is needed.”
“Digital currency can be not only a means of payment, they can evolve into tokens of “new generation”, and become a guarantee of ownership rights, be the equivalent of shares or bonds. This financial activity, which regulates Monetary management,” he said.
Earlier, the monetary regulator of Singapore has announced its intention to regulate the initial offering of coins (ICO) gave a classification of different types of tokens.