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 - Investorideas.com, 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
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Read this news in full at http://www.investorideas.com/news/2018/crypto-corner/03011AsianMarkets.asp
Crypto Corner – March 1, 2018
By Samuel Mowers at Investorideas.com
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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