Singapore aims to be a global digital asset hub. According to recent information from the Monetary Authority of Singapore (MAS), they want to become a global digital asset hub. The Monetary Authority of Singapore (MAS) is going to publish the strategy to achieve the goal next month. This is surely exciting news after the ups and downs of cryptocurrencies in the market.
💥SINGAPORE: Monetary Authority to reveal strategy to become global digital asset hub next month.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) July 20, 2022
The Situation in Singapore
Singapore has decided to make more guidelines and regulations to boost efficiency. This is an important move to avoid failures in the financial situation. One of the goals of the country is to protect customers to have a safe environment in this industry.
Global Digital Asset Hub in Singapore
Next month, the Monetary Authority of Singapore (MAS) will announce more information and protocols for cryptocurrencies in the country. It follows the other countries’ moves to prevent business downfall and threats in the market. The country will also provide a strategy to make Singapore the hub for bitcoin and other cryptocurrencies.
While this can be considered a good move for Singapore, many people mentioned that they need tight rules to protect the market. This is because some companies hide in Singapore when the ups and downs in the market happen. The country also added the information that some companies are “Singapore-based” but they do not follow local regulations. Some companies might not have been registered properly. They also do not comply with the regulations created by the Monetary Authority of Singapore (MAS).
With these new plans that will be announced later, Singapore can provide more rules and regulations.