Singapore Hosts New Fiat-Crypto Exchange, Welcomes Crypto Bank Accounts

Singapore Cautiously Welcomes Crypto Bank Accounts, Fiat-Crypto ExchangeIt has been a busy week for Singapore as it relates to cryptocurrency. The city-state is set open the first fiat-crypto exchange in Southeast Asia, while the financial regulator has vowed to help crypto companies set up local bank accounts, according to media reports.  Also read: Salt to Offer Crypto-Backed Loans in 7 Global Markets, […]

The post Singapore Hosts New Fiat-Crypto Exchange, Welcomes Crypto Bank Accounts appeared first on Bitcoin News.

Spread the love
Singapore Cautiously Welcomes Crypto Bank Accounts, Fiat-Crypto Exchange

News

It has been a busy week for Singapore as it relates to cryptocurrency. The city-state is set open the first fiat-crypto exchange in Southeast Asia, while the financial regulator has vowed to help crypto companies set up local bank accounts, according to media reports. 

Also read: Salt to Offer Crypto-Backed Loans in 7 Global Markets, 15 More US States

Strong Response to
Eurekapro’s Beta Launch

More than 8,000 people signed up for the open public beta launch of Eurekapro’s new fiat-crypto exchange, Finews.asia has reported. “A Singapore-based exchange will allow for easy fiat-to-crypto trading and aims to make digital currency more easily accessible to businesses and consumers,” the news site said.

Singapore Cautiously Welcomes Crypto Bank Accounts, Fiat-Crypto Exchange

Eurekapro offers its own native token, EKT, and claims it provides the most extensive fiat-to-crypto support in Asia. With its new Singapore exchange, the company — which was previously known as Overswitch and based out of Sweden — will allow users to conduct transactions with a number of regional fiat currencies, including the Singapore dollar, Malaysian ringgit and Indonesian rupiah.

MAS Cautiously Embraces Crypto

The Monetary Authority of Singapore (MAS) will start helping crypto firms to set up local bank accounts, Bloomberg has reported, citing MAS Managing Director Ravi Menon. Although Asia is home to a growing middle class that is keen to experiment with cryptocurrencies, Singapore is looking to contrast its embrace of crypto against that of other countries across the continent. For example, MAS does not plan to require licenses for crypto exchanges, as the Japanese authorities do.

Singapore Cautiously Welcomes Crypto Bank Accounts, Fiat-Crypto Exchange
MAS Managing Director Ravi Menon

Japan has emerged as the gold standard for crypto in Asia, and really around the world, as it has largely taken a live-and-let-live approach. But in Singapore, MAS plans to place different crypto businesses into categories. “Utility tokens,” the first of these categories, refers to the use of blockchain technology to facilitate payments for things such as computing services. Menon said that barely any regulation will be required for such activities.

The second distinction that MAS will draw for the crypto industry relates to digital tokens that resemble securities. Such cryptocurrencies will fall under the oversight of Singapore’s Securities and Futures Act. In reality, Menon acknowledged that there have not been many local initial coin offerings that could be classified under this category thus far. But those that do will be subject to the relevant legislation. MAS has even said that it will not consider many such examples to be viable business models. “Most of them are careful to steer clear of that line,” Menon said.

Lack of Regulatory Clarity

While the Singapore authorities have overtly tried to encourage the growth of financial technology businesses, crypto companies have found that a lack of regulatory clarity has thus far held back their expansion. Part of the problem is that crypto firms have struggled to get local bank accounts; in some cases, the banks have ended up closing accounts that such companies have managed to open.

Singapore Cautiously Welcomes Crypto Bank Accounts, Fiat-Crypto Exchange

Yet Menon acknowledged that the crypto business is different from the fintech space in many ways, noting that the reluctance of local banks to get involved is understandable, due to the arguably “opaque” practices of some crypto companies. He said that the regulator’s primary concern involves discouraging money laundering and protecting the interests of consumers. But he also noted that there are ultimately limits to the regulatory reach of the MAS.

Do you believe Singapore will eventually accommodate crypto businesses to the same degree as Japan? Let us know in the comments below. 


Images courtesy of Shutterstock, Eureakapro


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

Facebook Comments

Related Post

Without struggle, there is no Roe SUPPORTERS OF the right to abortion have a fight on their hands with Donald Trump’s nomination of Brett Kavanaugh, a conservative who could tip the balance of the Supreme Court against Roe...
Christie’s just sold an AI-generated painting for $432,500. It’s a... From lab-grown diamonds to computer-generated perfumes to gadgets as stylists to synthetic whiskey, it’s hard to find a category of goods today that hasn’t been infiltrated by robots. The ...
The British Museum Returns Iraqi Antiquities Looted During the US ... The British Museum has repatriated a trove of 5,000-year-old antiquities that were looted from an ancient site in Iraq shortly after the US invasion in 2003. British police seized and impo...
US-British Neo-Imperialism and its Modern Day “Missionaries” By Tony Cartalucci The worst sort of deception is that perpetrated by those who pose as defending the most vulnerable when, in reality, they are leveraging circumstances, exploiting suff...
Spread the love

Posted by Contributor

%d bloggers like this: