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Stringent Rules Could Turn Singapore Into a Global Crypto Hub, the MAS Says

Ravi Menon – the head of the Monetary Authority of Singapore (the country’s central bank) – said the nation’s crypto regulations will include a “stringent” licensing process. He believes strict rules could reshape the city-state as a global digital asset hub.
MAS Seeks the Balance on Crypto Regulations
Despite its rapidly-growing popularity in the last several years, the cryptocurrency sector remains a risky field for retail investors. That is what Ravi Menon – Managing Director of the MAS – warned in a recent interview. He cautioned that bitcoin and altcoins could be used for money laundering and terrorism financing.
As such, the local authorities must implement comprehensive rules on the market, providing safety and clarity to broad society. Menon stated that Singapore has the ambition to turn into a global crypto hub, but to reach that goal, the licensing process must be “stringent:”
“And it needs to be because we want to be a responsible global crypto hub with

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