Cryptocurrency, as we know it, is quite trendy these days. But it is rare to read reports about countries fully embracing the concept of digital currencies. As many countries still figure out whether or not they should embrace the digital currency concept, Singapore is taking a step forward.
The Singapore Consensus 2018 welcomed thousands of cryptocurrency visionaries, entrepreneurs, and experts to discuss and create new links that might form the foundation of the future of the industry. An essential element of the meeting was the talk delivered by the representatives of the Monetary Authority of Singapore (MAS) with regards to the future of cryptocurrencies in their country. It seems that the Singaporean financial regulators are far ahead many other developed countries concerning their understanding of the industry and plans for the future.
According to her report, Singapore’s government has a well-laid out plan for introducing the currency to the country.
According to the Independent, the plan to Singapore a fully crypt nation was discussed at the Singapore Consensus 2018.
The Bitcoin portal said an essential element of the meeting was the talk delivered by the representatives of the Monetary Authority of Singapore (MAS) with regards to the future of cryptocurrencies in their country. This led many observers to believe the Singaporean financial regulators are far ahead of many other developed countries in the understanding of the industry.
“They seem to know what they are talking about and how they are planning the future,” said some observers. And indeed, when it comes to Singapore, things are done with an almost perfection – which a phrase that may rile many Singaporean netizens though.
The consensus was more focused on discussing about the future of the Cryptocurrency in this country.
The Monetary Authority of Singapore (MAS) takes a very practical approach to crypto. Currently, MAS divides digital tokens into utility tokens, payments tokens, and securities. In Asia, only Singapore and Thailand currently have such detailed classifications.
While speaking at Consensus Singapore this week, Damien Pang, Singapore’s Technology Infrastructure Office under the FinTech & Innovation Group (FTIG), said that “[MAS does] not regulate technology itself but purpose,” when in conversation discussing ICOs in Singapore.
Singapore is the only country in Asia that has a detailed and a very practical approach to Cryptocurrency trading.
If all the Cryptocurrency plans go well, Singapore will become the first country in Asia, and in the world, to be declared a Cryptocurrency state.