Singapore aims to be the top Asian hub for cryptocurrencies and ICOs.
On Thursday, an official from Singapore’s central bank stated that it is in the process of assessing whether additional regulations will be required in order to protect cryptocurrency investors.
Singapore is aiming to be the top hub for financial technology and ICO offerings in Asia.
Currently, the city-state does not have any regulations in place for virtual currencies; in 2017 it called on investors to exercise “extreme caution” over their investments in cryptocurrencies.
However, Singapore’s central bank does oversee activities involving virtual currencies especially if they pose specific systemic risks. Case in point: the central bank has imposed anti-money laundering requirements on intermediaries that provide virtual currency services.
“We are assessing if additional regulations are required in the area of investor protection,” said Ong Chong Tee, deputy managing director (Financial Supervision), Monetary Authority of Singapore.