Central Bank of Singapore will support crypto entrepreneurs

The head of the Central Bank of Singapore encouraged new companies and exchanges of national cryptocurrencies to obtain banking services based on advanced technology

The managing director of the Monetary Institute of Singapore (MAS)Ravi Menon, asked the bank to overcome the impediment of offering services to new cryptocurrency companies, in an outstanding attempt to promote the financial technology industry.

Menon, in an interview with Bloomberg, said that while Singapore will not be a totally relaxed regulatory environment for local cryptographic companies, there may be an alternative for new consortia that have banks denied to offer simple services.

The banking authority said: “What we are trying to do is bring together the banks and the new end-of-year cryptocurrency companies to see if there is any understanding they can reach.”

The course taken by Singapore with the cryptoeconomy, although prudent, is a significant opposition to what happens in India, in which the Central Bank forced all financial institutions to stop offering services to cryptocurrency companies.

The permissive course observes Upbit, the largest exchange of cryptocurrency in South Korea, establish a new exchange of cryptoactives in Singapore. While Binance, the largest exchange of cryptocurrencies in the world, also disclosed plans to launch an exchange in the nation.


Source: InfoCoin

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