As Singapore has been embracing disruptive fintech, this time it is planning to smoothen the interface between banks and Crypto Businesses.
Apparently, after complaints about banking support, the head of Singapore’s financial regulator and de facto central bank intends to “bring together” banks and crypto businesses.
On that, Ravi Menon, the managing director of Monetary Authority of Singapore (MAS) reviewed the formation of a balanced regulatory environment regarding incoming crypto entities.
Manon stated that “What we are trying to do is to bring the banks and cryptocurrency fintech startups together to see if there is some understanding they can reach”.
He added further “The nature of this business is a bit different, so banks may need to employ other ways in which they can establish bona fide. I hope we can bring minds together on this so that we can get over this hurdle.”
Notably, Menon publicly reinforced the potential of both cryptocurrency and blockchain technology. Although, he stayed cautious while speaking about growing market, marking that from a bank’s point of view, he still “would not blame” executives for persistently denying to service crypto clients. He further said, “Some of these activities are indeed quite opaque”, reported by Bloomberg.
Apart from that, last year, in Singapore bank accounts of living cryptocurrency entities suddenly closed by local lenders, reportedly.
Though Singapore has a significantly different stand as compared to those countries, having a strict ban on banks dealing with crypto businesses, for instance, India.
Now, after countless complaints in India, the country’s supreme court is soon to give a verdict on the ban’s legal legitimacy.