Singapore will not ban Cryptocurrencies

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In a series of fourteen statements published Monday, Feb. 5 in response to questions posed by
members of parliament Tuesday, Tharman Shanmugaratnam, deputy prime minister and
minister in charge of the regulatory body, the Monetary Authority of Singapore (MAS),
confirmed a broadly hands-off policy regarding cryptocurrencies going forward. From his
official statement: “(MAS) has been closely studying these developments and the potential
risks they pose. As of now, there is no strong case to ban cryptocurrency trading here. But
we will be subjecting those involved as intermediaries to our anti-money laundering
regulations. And we will keep highlighting to Singaporeans that they could lose their shirts
when they invest money in cryptocurrencies.”

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