Asian Markets Show Restraint as Singapore Considers Regulation, Indian Exchanges Halt and Japan’s SBI Postpones Launch of New Exchange

Asian Markets Show Restraint as Singapore Considers Regulation, Indian Exchanges Halt and Japan’s SBI Postpones Launch of New Exchange

Point Roberts, WA, Delta BC – March 1, 2018 -, a leader in crypto and blockchain investing news reports on what’s driving the cryptocurrency markets with today’s edition of Crypto Corner, a new series for investors following the sector.

Crypto Corner – March 1, 2018
By Samuel Mowers at 

Asian Markets Show Restraint as Singapore Considers Regulation, Indian Exchanges Halt and Japan’s SBI Postpones Launch of New Exchange

MAS (Monetary Authority of Singapore), Singapore’s central bank, considers regulation of, not cryptocurrencies per se, but activities surrounding them. The following is an excerpt from a speech given yesterday by Mr. Ong Chong Tee, Deputy Manager of MAS.

19   Recent technological developments have also presented regulators with both new challenges and opportunities. For instance, the foray by hitherto non-regulated entities into various aspects of payments and financial services could necessitate a change from an institution-based regulatory approach towards an activity-based framework. But at the same time, this can also allow a regulator to “right-size” regulations for both traditional and evolving business models according to the risks the activity poses. I can cite two examples:
      Virtual currencies first emerged about 10 years ago. Since then, we have observed an increase in the number of initial coin (or token) offerings in Singapore. As with most financial regulators, MAS does not regulate virtual currencies. But we regulate the activities that surround virtual currencies if these pose specific risks. An example would be the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) requirements that we have imposed on intermediaries providing virtual currency services. We are assessing if additional regulations are required for investor protection.
      Another example is the wave of new payment services that have been enabled by new technology. Consumers are increasingly making and receiving payments through digital payment platforms, which fall outside of our existing regulatory frameworks. In recognition of the risks that these digital payment platforms can pose to the system as a whole if they are not adequately secure, MAS will be issuing a new Payment Services Bill (PSB). This will streamline the regulation of payment and remittance service providers under a single regulatory framework, and calibrated to whether an entity offer one, some or all parts of the retail payments value chain. It will also seek to enhance user protection and facilitate the adoption of electronic payments.

Over in India, crypto exchanges BTCXIndia and ETHEXIndia notified users via email that they will cease trading on March 5 and March 1 respectively “until new rules are in place for tokens on public blockchains”. In the email, BTCXIndia cites a speech made by Indian Finance Minister Arun Jaitley in Parliament on Feb 1, which many perceived as a threat to the legality of cryptocurrency.

“As we heard in the budget speech, the Indian government is discouraging crypto currency trading. This has been clear also by government actions in the last year, and has put our business under a lot of stress and putting us in a position where we don’t feel that we can continue our business in a professional manner any longer.”

And finally Japan’s SBI Group (Strategic Business Innovator Group) is postponing the launch of their cryptocurrency exchange to “further strengthen security measures” according to an announcement on Feb 27.

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