As the Global Crypto Race Heats Up, Singapore is Embracing Blockchain Better Than Most
Singapore Embraces Crypto And DLTs
Singapore has decided to take an open stance toward crypto. During Coindesk’s 2018 Singapore Blockchain Week, the regulator presented a clear vision of the crypto landscape and reinforced the country’s decision to promote the development of blockchain technology and to integrate digital assets into its economy.
Singapore is one of the few countries that has not only expressed an intent to promote legal changes to allow for the lawful adoption of cryptocurrency, but it has also shown commitment ot the idea. Last year, the Monetary Authority of Singapore (MAS) published a Guide to Digital Token Offerings where it explains, in very clear and detailed language, the regulatory framework on which the issuance of digital assets is based without any legal voids or contradictions. The MAS distinguishes between payment tokens, security tokens, and utility tokens.
The country’s approach toward crypto is revolutionary. Damien Pang of the MAS has stated “The MAS takes a close look at the characteristics of the tokens, in the past, at the present, and in the future, instead of just the technology built on. It doesn’t aim to regulate technology itself but [its] purpose. The China Monetary Network had different words to say about Singapore’s intent to segue more into crypto. It stated:
What is supporting such optimism is the quiet preparation of capital on a massive scale getting ready to act the “All in Crypto” mantra. In recent months, there have been over a thousand foundations being established in Singapore by Chinese nationals. Most of these newly established foundations are used setting up various token investment funds.