Home News Singapore has no strong case to prohibit cryptocurrency trading says Minister

Singapore has no strong case to prohibit cryptocurrency trading says Minister

Author

Date

Category

- Advertisement -

Tharman Shanmugaratnam, Singapore’s deputy prime minister said the government sees no need to prohibit cryptocurrency trading.

Shanmugaratnam said in a written response to MPs Tuesday that cryptocurrency and related trading activity currently do not pose any threat to Singapore’s finance system.

He stated that MAS has been “closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here.”

The comments came as a direct response to lawmakers Saktiandi Supaat, Lim Biow Chuan and Cheng Li Hui, who questioned the PM over possibility of banning cryptocurrency in Singapore, according to an order paper prior to a parliament meeting on Feb. 5.

- Advertisement -

The deputy PM wrote: “For now, the nature and scale of cryptocurrency trading in Singapore does not pose risks to the safety and integrity of our financial system. Its use in making payments is small, and trading volumes of cryptocurrencies in Singapore are also not high – they are much smaller than in countries like the U.S., Japan and South Korea.”

 

- Advertisement -

Traffic cones and sandbags placed on car in parking dispute

Singapore -- A man, upset that another person had parked in front of the terrace house he is occupying, placed traffic cones and sandbags on top of the other car and blocked it with two trashcans and his own car. The police...

Parliament live streaming: Now go for live radio broadcast

Live streaming of Parliament proceedings has just made a comeback. And almost immediately, Singaporeans learnt how members of the legislature go about their duty of debating issues affecting people’s lives. And there could not have been a better issue than TraceTogether,...

Chee Soon Juan: TraceTogether saga another sad and frightening chapter

Singapore — Opposition Singapore Democratic Party (SDP) leader Chee Soon Juan published a Facebook post on Friday (Jan 15) about the TraceTogether saga that has caught the attention of many people and that has hogged the headlines since Monday (Jan 4). The...