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At the Singapore Consensus 2018, the government in Singapore was open to crypto currencies. The Monetary Authority of Singapore (MAS) expressed its interest in the industry.

Blockchain – the future in Singapore

At the Singapore Consensus 2018, the largest annual Bitcoin and Blockchain event, thousands of crypto visionaries, experts and entrepreneurs met to discuss the future of the industry. One of the highlights was the presentation by the Monetary Authority of Singapore (MAS).

Compared to the rest of the world, the Monetary Authority of Singapore (MAS) is well informed and more transparent about its views on blockchain technology. This time, too, the authority showed great interest and emphasized its understanding of the technology. As the financial centre of Southeast Asia, Singapore would thus set a fundamental milestone with regard to blockchain and crypto currencies. In the past, the MAS had already published its statement in “A Guide to Digital Token Offering”. They are particularly positive about ICOs and do not want to restrict them in contrast to other countries.

The technology is not to be regulated, but rather its use

At the Singapore Consensus Fair a lot was discussed regarding the tokens. In principle, one wanted to distinguish between three different types: Utility tokens, payment tokens, security tokens. Damien Pang, head of FinTech Ecosystem and Infrastructure at MAS, emphasized, however, that payment and security tokens would require more legal attention. The MAS will not restrict either the blockchain or the cryptos, because it does not aim to “regulate the technology itself, but its use,” says Pang.

Singapore as a driver of innovation

Some months ago the South Korean team Mass Vehicle Ledger (MVL) introduced the app “Tada”, which is equivalent to “Uber”. The Tada app itself is based on blockchain technology, which was developed specifically for the automotive industry and its customers. MVL wanted to have a location that has a courteous legal system but is also close to South Korea.

The supply of crypto projects, as well as the strongly increased trading volume, have benefited Singapore in recent months. When China banned ICOs in 2017, Singapore was the first port of call for crypto companies. The legal situation in Singapore is extremely attractive for these industries, as they are more out to support the technology than to stand in its way. Other companies are already setting the first trends, with companies like Binance and Upbit announcing their plans to enter the Singapore market.

Singapore in the fast lane

Perhaps it is their sense of competition, or perhaps it is just the will to offer their citizens the latest developments. Anyway, one thing is clear, Singapore strives to be one of the first to introduce and adapt crypto currencies.