Singapore Targets to be the First Country to Fully Adopt Cryptocurrency | Biz Info

Singapore Targets to be the First Country to Fully Adopt Cryptocurrency

As the Asian market starts to nourish with its cryptocurrency adoptions, Singapore seems to have their own tactics in order to gain a lot more with the digital tokens. In the recent article of Techcrunch, they explained that the country are planning strategic ways in order to adopt and embrace the industry of cryptocurrency and to be the very first country that has a fully operated crypto industry.

Singapore is known as one of the Asian countries that has a deep connection with the online currency and even on the blockchain technology. As a result of this openness regarding the matter, several reports concluded that Singapore may become the very first country to totally embrace crypto.

This conclusion was summarized as the country took a closer look with cryptos along with their national financial regulators that sees the system of crypto as an innovative and great idea for their economy.

In the recent conference entitled ‘Singapore Consensus 2018’ held in the country itself, they have welcomed thousands of crypto owners, enthusiasts, visionaries, and experts to tackle and talk about the rising industry of crypto in the whole world and especially in Singapore. One important issue that they discussed was made with the Monetary Authority of Singapore (MAS) in which the government authority explained the difference between the security and payment tokens to the utility tokens — also called user tokens or app coins, that represent future access to a company’s product or service.

‘Regulating the Purpose, Not the Technology’

They stated that the authorities are not planning any action towards regulating or imposing regulations in the crypto system, however, the necessary legal action when it comes to dealing with security tokens are still regulated due to its trading values in the market. They even said that they are there ‘to regulate its purpose but not the technology’.

“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” says Damien Pang, the Head of FinTech Ecosystem and Infrastructure of MAS.

Singapore is one of the greatest example of how a supportive government can have a massive difference when it comes on dealing with topics like cryptocurrencies. Their national officials represent and understand crypto and its benefits compared to other countries, this is the reason why Singapore has the capability to be the world’s first country to fully adopt crypto.

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