Singapore crypto firms are getting a helping hand from the government – in particular, those which are having trouble setting up bank accounts in the country.
It is no secret that crypto firms have had problems with traditional bank accounts, with banking institutions in other countries clamping on them. The Singaporean government, however, believes that the cryptocurrency sector in the country could use some assistance.
Along those lines, Singapore crypto firms are going to have an easier time setting up local bank accounts. However, this does not mean that everything’s peachy. In fact, the government is not going to change regulations currently in place. Existing firms will benefit from the decision, but new firms that want to operate in the country won’t be given the opportunity – at least, for now.
Monetary Authority of Singapore Managing Director Ravi Menon said on Tuesday, “We should not be trying to create an extremely lax regulatory environment in order to attract that kind of business. 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.”
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