The Singapore Consensus 2018 welcomed thousands of cryptocurrency visionaries, entrepreneurs, and experts to discuss ways to form the firm foundations for cryptocurrencies in the country.
According to TechCrunch, the Singpaore government has a well-planned strategy to achieve this and held an important meeting at the conference with representatives of the Monetary Authority of Singapore (MAS). This potentially puts Singapore ahead of other developed countries thanks to its regulators having a much clearer vision about where cryptocurrency might go in the future.
It is worth noting that MAS makes a clear distinction between different types of cryptocurrencies: utility tokens, payment tokens, and security tokens. Damien Pang, the Head of FinTech Ecosystem and Infrastructure within MAS, said that it will not restrict blockchain or cryptocurrencies, and that it doesn’t aim to “regulate technology itself but [its] purpose.”
And more good news from Singapore indicates that there is no plan to impose regulations on all cryptocurrency products. For example, utility tokens don’t require much oversight, while security tokens need some form of control, as do payment tokens.
Singapore has been a regional leader for some time and appears to be determined to maintain that position, especially in finance and innovation. Obviously, cryptocurrency-related projects have been very receptive to its welcoming attitude, which is why the first cryptocurrency debit cards will be issued here. It appears that the world’s most expensive city may well be the first to establish a legitimate financial market for cryptocurrency. What can other countries learn from Singapore’s example?