- More than 5.5 million people in Singapore are crypto holders.
- The regulator said – we want to be among the leading players of cryptocurrencies.
- The country is working on a regulatory framework and tax system for this.
More than 5.5 million people in Singapore are crypto holders.
The crypto-space is expanding rapidly around the world. Now Singapore is also preparing to join the list of countries that have openly welcomed cryptocurrencies in the past. Ravi Menon, managing director of the Monetary Authority of Singapore, has said that this city-state has been open-minded about digital currency even before other countries adopt crypto. There is no clarity on what the future holds with cryptocurrencies but he believes that cryptocurrencies are going to be an important investment tool in the times to come. Currently, it is legal to hold and trade cryptocurrencies in Singapore.
The regulator said – we want to be among the leading players of cryptocurrencies.
Expressing interest in further developing crypto and blockchain technology, the Singapore regulator advised other countries to enter the cryptocurrency space as well.
“We think the best way is not to stop or ban these things. But for not getting into this game, I think Singapore runs the risk of being left behind. Getting into the game early means we One can make a good start, and understand its potential benefits as well as its risks better,” Menon said during a recent interview.
Menon said that the country is working on a regulatory framework and tax regime for cryptocurrencies so that maximum benefits can be taken from it.
The country is working on a regulatory framework and tax system for this.
“If the crypto economy progresses one way or the other, we want to be one of its leading players,” Menon said. “It will bring in new jobs, add value and I think other sectors of the economy will grow even more than the financial sector.
Recently, Tesla CEO Elon Musk also said that while governments can slow the progress of cryptocurrencies by delaying regulation and legalization processes, these digital assets cannot be liquidated anymore.
According to a report by research firm TripleA, more than 5.5 lakh people in Singapore are crypto holders. This is 9.4 percent of the total population of the country.
The country’s largest bank DBS Group has also created a platform to facilitate digital token transactions.
Ravi Menon, Managing Director of the Monetary Authority of Singapore, has said that Singapore has been open-minded about digital currency even before the adoption of crypto by other countries.