The Deputy PM of Singapore, Tharman Shanmugaratnam, stated today that the official stance of the government was one in general support of all cryptocurrencies. Mr. Shanmugaratnam is the chairman of Monetary Authority of Singapore (MAS) and has personally acknowledged his support of digital currencies within the country’s borders. He has gone on record saying how he does not believe that cryptocurrencies, and their use, or the mining of them; pose any potential danger “to the safety and integrity of [Singapore’s] financial system.”
It has also been previously stated officially by Singapore that regulations on cryptocurrencies would not be put in place. The country wishes to be a haven for cryptocurrencies and to act as a haven for any current or potential future market that grows from them.
Despite the country’s lack of regulation towards cryptocurrencies Mr. Shanmugaratnam also stated that Singapore does have measures in place to protect innocent investors from frauds or scams.The country does aim to ensure the legitimacy and financial security of any transactions to do with cryptocurrencies.
He also made mention of how the country has a zero-tolerance stance towards anyone using the currency for illicit means. Those who do choose to use Bitcoin or other currencies to aid or abet their criminal activities in the country will face persecution and there will be repercussions for their actions. To prevent these criminal activities the Singapore government has revealed how they will be setting up anti-money laundering and anti-terrorism requirements on large-scale transactions of cryptocurrency units.