Singapore Lawmakers Want Crypto Regulation

Singapore

Another day, another discussion on crypto regulation. That’s not an exaggeration, either. Both BIS general manager Agustin Carsten and members of the parliament of Singapore discussed regulating virtual currencies this week. As for this article, we are going to focus primarily on the latter.

What Happened in Singapore?

The public has now been informed that members of Singapore’s parliament are thinking about creating more regulations that will control and oversee the country’s cryptocurrency industry. It’s not a surprise to hear that yet another country is looking into cryptocurrency regulation. After all, the sector is not controlled by one central authority, and cryptocurrencies like bitcoin have a lot of use in illegal activities.

Reportedly, on February 5, a parliamentary session took place in Singapore in which lawmakers asked the country’s prime minister to inform them of the country’s belief in more crypto regulation. Further, it has been cited that these same lawmakers asked Mr. Loong whether or not the country will ban the trading of cryptocurrencies. Again, this is a question that has been discussed in a number of other countries.

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At this point, it seems that there are two different viewpoints on the topic of crypto regulation. The first being that an individual thinks cryptocurrencies, like bitcoin, shouldn’t be banned but they should solely have more regulation. Sheila Bair, the former US Federal Deposit Insurance Corporation chair, took this stance. Others believe that there needs to be both; trading should be banned and the entire sector needs more regulation.

Based on what occurred yesterday, it seems Singapore might be taking the latter viewpoint. Or, at the very least, the country’s lawmakers are fighting for the country to take this route. That said, it’s still unclear as to how the prime minister responded.

Do you think Singapore should roll out more cryptocurrency regulation?

Featured Image: twitter

Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is working towards finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, consumer, technology, and politics.
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