The head of the Central Bank and Monetary Authority (MAS) of Singapore, Ravi Menon, announced that he intends to establish relations between banks and cryptocurrency companies.
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During the interview, he said that the developed legal framework for the regulation of the cryptoindustry. This will require bringing representatives of banks and startups together to discuss trade-offs for their cooperation. Ravi Menon added that this type of business has a number of specific opportunities, such classic financial institutions may have to find new ways to determine the integrity of customers..
Over the years, Singapore has formed a fairly recent favorable climate for the activities of fintech companies, and official representatives support blockchain technologies and the functioning of cryptocurrencies. This attitude towards that moment of the year in the current system of jurisdiction had more ICOs than in the United States. and large crypto exchanges open local offices.
However, Ravi Menon, as before, shows restraint in relation to the crypto industry and does not condemn the bank management for refusing to service startups, because the behavior of some companies is indeed in doubt. He also hopes that when the hype around virtual currencies passes, these bona fide projects will become cheap and fast international transfers…
Another Asian tiger, South Korea, is gradually starting to reconsider its attitude towards the crypto market and is approaching the legalization of ICO.
text: Ivan Malichenko, photo: s3.reutersmedia, buxlead
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