Singapore Welcomes New Crypto Bank Accounts
October 12, 2018 4:35 pm
The Singapore government is all set to open the first fiat-crypto exchange in the country. The Financial Regulator is ready to help crypto companies set up local bank accounts.
According to the report, over 8,000 people have agreed to join the open public beta launch of Eurekapro’s new fiat-crypto exchange. The report further stated that a Singapore-based exchange would allow easy fiat-to-crypto trading. The exchange aims to make cryptocurrencies easily accessible to businesses and consumers.
Eurekapro offers its own tokens named EKT. The platform aims to provide extended fiat-to-crypto support in Asia. The new crypto exchange will allow users to conduct transactions with some regional fiat currencies. This includes Singapore Dollar, Malaysian Ringgit and Indonesian Rupiah.
Ravi Menon, Managing Director, The Monetary Authority of Singapore (MAS) stated that the authority would help crypto firms open local bank accounts. Singapore is looking forward to adapt cryptocurrencies and make the country a crypto hub.
MAS plans to place different crypto businesses into various categories. The first categories are called “Utility Tokens.” The first category of tokens refers to the use of blockchain technology to facilitate payments. Mr. Menon said that barely any regulation would be required for such activities.
Cryptocurrencies that resemble securities will fall under the oversight of Singapore’s Securities and Futures Act. Mr. Menon further stated that the crypto business is different from the fintech space. According to him, regulator’s primary concern is to discourage money laundering and protect the interests of consumers.