Keeping the welfare of the investors in mind, The Central Bank of Singapore is making estimation whether any reform is necessary in Crypto regulations. This has been stated by an in-house officer on Thursday.
Singapore is intending to become the largest hub of Asia’s financial technology and ICO offerings. However, the irony lies in the fact that Cryptocurrencies are not regulated in the state as a preventative measurement over Crypto illegalities.
Nevertheless, the Central Bank aids in promoting safe activities involving Digital coins. It regulates anti-money laundering assistance to the supplemental outlets which provide Crypto services.
“We are assessing if additional regulations are required for investor protection,”said Chong Tee, the deputy managing director of Monetary Authority of Singapore.
Witnessing such actions, other countries which allow crypto transactions and trading are looking forward to take a stricter stance on reforming global regulations.