Singapore plans to become a magnet for crypto activities, government is considering regulating crypto space

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At a time when the crypto space is experiencing rapid global expansion, Singapore plans to create an acceptance-driven, pro-crypto climate in the island nation. Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), said he was relieved that the city-state was open to the crypto space before many other countries. Despite a lack of clarity about how the future of cryptocurrencies would play out, Menon said that cryptocurrencies are items for investing in the future future. It is currently legal to hold and trade cryptocurrencies in Singapore.

The supervisory authority in Singapore expressed its interest in the further development of crypto and blockchain technology and advised other nations to also enter the cryptocurrency space.

“We think the best approach is not to restrict or prohibit these things. But in order not to get into this game, I risk Singapore being left behind. If we get into this game early, we can have a head start and better understand its potential advantages and risks, ”Menon said in a recent interview.

The country is working on a regulatory framework and tax system for cryptocurrencies to get maximum benefits, Menon added.

“When and when a crypto economy gets off the ground in some way, we want to be a leading player,” Menon said. “It could help create jobs, add value, and I think, more than the financial sector, the other sectors of the economy will potentially win.”

Recently, Tesla CEO Elon Musk had also said that while the advancement of cryptocurrencies can be slowed down by governments delaying regulation and legalization processes, these digital assets cannot now be destroyed.

Meanwhile, public opinion on these cryptocurrencies in Singapore seems to be trending day by day.

According to a report by research firm TripleA, over 550,000 Singaporeans – that’s 9.4 percent of the country’s total population – are crypto owners.

The country’s largest bank, DBS Group, has also created a platform to facilitate digital token transactions.

However, Menon has highlighted that Singapore still needs to fine-tune its cybersecurity solutions to protect the crypto space.

A recent report found that total crypto-related crime in 2020 was around $ 10.52 billion (about Rs.79.194 billion).

The same report also highlighted that fraud and fraud are a major problem, accounting for 67.8 percent of all cryptocurrency crime in 2020.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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