Singapore looking at investor protection rules for cryptocurrencies

Singapore looking at investor protection rules for cryptocurrencies

Yahoo Singapore·2018-03-01 13:59

SINGAPORE (Reuters) - Singapore's central bank is assessing whether additional regulations are required to protect investors in cryptocurrencies, an official said in a speech on Thursday.

The city-state - which is aiming to be a hub for financial technology and so-called initial coin offerings in Asia - does not regulate virtual currencies and last year called for the public to exercise "extreme caution" over investment in cryptocurrencies.

Its central bank does regulate activities involving virtual currencies if they pose specific risks. For example, it imposes anti-money laundering requirements on intermediaries providing virtual currency services.

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