Singapore will support the installation of fintech companies
Through the Central Bank, the Asian country highlighted that they will encourage the creation and development of startups that work with cryptocurrencies
The government of Singapore just announced that they will support the development of startups dedicated to the world of fintech and cryptocurrencies.
This will be possible thanks to the Monetary Authority of Singapore (MAS), the responsible for monitoring and ensuring that companies receive bank financing as part of this initiative.
The general director of the Asian institution, Ravi Menon, explained that the objective is to “unite banks and cryptocurrency startups to see what level of understanding they can reach”.
“The nature of this business is a bit different, so banks are going to have to use different ways in which they can establish a good relationship. I hope we can join our minds in this so we can solve this problem,” Menon explained.
Despite this, the MAS does not plan to relax its position with respect to cryptocurrencies. The Central Bank also indicated that it will not develop any scheme that facilitates obtaining licenses for the cryptocurrency exchange houses, as Japan did recently to 16 exchanges.
K. Tovar
Source: Coincrispy
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