On one hand, many world economies maintain their stance of aversion from Cryptocurrency and perform every possible task to discourage their citizens from entering the markets. On the other, Singapore is setting a precedence for cryptocurrency adoption, so much so that Singapore might soon become the first country to fully embrace digital assets.
According to TechCrunch, the government of Singapore is laying a well-thought-plan to introduce and incorporate cryptocurrencies into their economy. Thousands of cryptocurrency visionaries, entrepreneurs, and experts are invited at the Singapore Consensus 2018 to discuss the markets and to incorporate new links for future projects.
As the representatives of the Monetary Authority of Singapore (MAS) delivered a talk in regards to the future of cryptocurrencies in the country, it seems that Singapore and its respective regulators are quite ahead of many developed countries in terms of comprehending cryptocurrencies.
The MAS manages to clearly differentiate between the types of cryptocurrencies: utility tokens, payment tokens, and security tokens. The Head of FinTech Ecosystem and Infrastructure within MAS, Damien Pang, stated:
“the MAS takes a close look at the characteristics of the tokens, in the past, at the present, and in the future, instead of just the technology built on.”
Pang further adds that the agency doesn’t aim to:
“regulate technology itself but [its] purpose.”
Notably, the authorities don’t plan to impose regulations on all cryptocurrency products. Payment tokens and Security tokens require a certain amount of legal attention due to their nature, while Utility tokens do not require strict attention.
As the most prominent city-state od South Asia, Singapore managed to stay ahead in the fields of education, entertainment, healthcare, tourism, but most important of all, finance and technologic innovation. Whether their intentions are to invite lastest advancements to their citizens or their sense of competition, Singapore seems to be striving for amongst the first and the best in cryptocurrency adoption and adaptation.
The Monetary Authority of Singapore has maintained an encouraging stance ever since the institution announced that it will work along with global institutions in order to introduce tokenized digital currencies.
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