Singapore Wants Control Over Digital Currency Firms

Note from the CEO: It’s started. Yes, lots and lots of meetings and talking around the world BUT Singapore is making a move NOW to place digital currency exchanges under its regulating eyes. The Monetary Authority has a framework for regulation by their central bank which certainly means other central banks will speed up their regulatory oversight agendas. Actually, this should be good and will legitimize digital currencies.

“The central bank of Singapore is making a move to put digital currency exchanges under its oversight.

Singapore’s central bank proposes regulatory framework for digital currency start-upsThe Monetary Authority of Singapore (MAS) is reportedly proposing a new regulatory framework for payments providers, including digital currency exchanges, in the city state, according to CoinDesk.

Under the proposal, payment activities will be divided into several categories and companies involved in payment services will be required to obtain a license from the central bank. Digital currency exchanges in the country, like CoinHako, Coinbase and Quoine, will be covered by a provision that oversees start-ups providing ‘money transmission and conversion services.'”