Singapore Set To Help Crypto Firms With Bank Accounts
More news on the cryptocurrency boom.
While the new wave of crypto firms undoubtedly cause some headaches for the financial regulation boards, Singapore looks set to assist cryptocurrency firms who are facing problems setting up bank accounts by helping them with local bank accounts.
This new move however, will not see a loosing in its core rules as Singapore continues its effort to develop the financial technology sector while also diversifying its economy.
“We should not be trying to create an extremely lax regulatory environment in order to attract that kind of business,” Monetary Authority of Singapore Managing Director Ravi Menon said Tuesday when discussing the crypto industry in an interview with Bloomberg News. “What we are trying to do is to bring the banks and cryptocurrency fintech startups together to see if there is some understanding they can reach. “The nature of this business is a bit different, so banks may need to employ other ways in which they can establish bona fide,” Menon said. “I hope we can bring minds together on this so that we can get over this hurdle.”