The head of Singapore's financial regulator and de facto central bank said he wants to "Bring together" banks and crypto businesses after complaints about banking support, Bloomberg reports Wednesday, Oct. 10.
Speaking in an interview, Monetary Authority of Singapore managing director Ravi Menon appeared to consider the creation of a balanced regulatory environment for incoming crypto entities.
"The nature of this business is a bit different, so banks may need to employ other ways in which they can establish bona fide. I hope we can bring minds together on this so that we can get over this hurdle."
Singapore has made a name for itself in recent years as a broadly welcoming jurisdiction regarding disruptive fintech, with Menon publicly showing support for the promise of both cryptocurrency and blockchain technology.
At the same time, he remains prudent about the emerging sector, noting to Bloomberg that from a bank's perspective, he still "Would not blame" executives for continuing to refuse to service crypto clients.
"Some of these activities are indeed quite opaque," he added.
Last year, reports emerged of extant cryptocurrency entities in Singapore suddenly having their bank accounts closed by local lenders.
Singapore's position continues to differ markedly from official stance in countries such as India, where a blanket ban on banks dealing with crypto businesses continues.
After a raft of complaints, the country's supreme court is now soon due to deliver a verdict on the ban's legal legitimacy.
Singapore: Regulator Plans to Smooth Over Banking Ties With Crypto Businesses
Published on Oct 10, 2018
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.