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Singapore Central Bank Calls Blockchain ‘Fundamentals’, Not ‘Technology’

Singapore Central Bank is all set for the Blockchain technology and it believes Blockchain to be the future of financial services.

Plans of Monetary Authority of Singapore(MAS)

An annual Blockchain and cryptocurrency forum was conducted by CoinDesk at the Singapore for the first time. Head of  Technology Infrastructure Office at Monetary Authority of Singapore, Damien Pang stated, ““We take an approach where our regulations aim at the purpose rather than the technology platform itself.”

Amidst the ICO crackdown in China, Singapore plans to strengthen its infrastructure to become a safe haven for cryptocurrency.

Pang further goes to explain that according to the guidelines posted by MAS last November, it classifies digital assets into 3 subgroups; Utility Tokens, Payment Tokens and Security Tokens. And MAS plans to regulate payment tokens and not utilities tokens, and that they haven’t come across any securities tokens as of yet. Utility tokens are used to access a company’s services and so on.

Project Ubin was developed by Singapore’s Central bank ,city’s state stock exchange and three other technology partners. This project aims to settle digital tokens across different blockchain platforms.

China continues the crackdown by blocking more than 120 offshore cryptocurrency exchanges

A whopping US$574.8 million was amassed through 57 ICO offerings in Q2 at Singapore. Whereas China saw a meagre US$47.36 million through 14 ICO offerings in the same period in China

Even though the crackdown continues in China, there has been an explosion of companies that registered names with association of the word ‘Blockchain.’ China is now home to more than 4000 such companies.

In comparison, US has 817 companies, whereas UK has 335 companies that associate ‘Blockchain’ in their registered names.

Since there was a strict regulation by the Chinese government on cryptocurrency Binance, a cryptocurrency exchange has moved its headquarters to Japan. And is now planning to expand to almost every continent as the latest plans. (Add Binance blog post link here)

Is Blockchain revolutionary as people all over the world seem to believe ? Is Bitcoin a bubble ? Share your thoughts with us on Twitter or Telegram. 

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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