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.”

 Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

How did Singapore grow?

Call it a series of coincidences but my maternal granduncle passed away. While the timing was not something he planned, his death took place a day or two after Singapore Press Holding’s (SPH) CEO, Mr Ng Yat Chung, gave his now...

Shanmugam challenges opposition to debate on CECA, leaders respond

Singapore— Law and Home Affairs Minister K Shanmugam ended a speech in  Parliament on Tuesday (May 11) by challenging Non-Constituency MP Leong Mun Wai to a debate on CECA, the India-Singapore Comprehensive Economic Cooperation Agreement.  Mr Leong, who is from the Progress...

K Shanmugam: If SG goes down racist route, eventually all Indians can be a target of hate

Singapore—In the wake of a hate crime last Friday (May 7) when a 55-year-old Singaporean-Indian woman was kicked in the chest and called racial slurs, racism and xenophobia were discussed in Parliament on Tuesday (May 11).  Minister for Law and Home Affairs...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

Theindependent