Singapore authorities intend to establish a dialogue between banks and cryptocurrency startups

The head of the Monetary Authority of Singapore (MAS), Ravi Menon, said that his department intends to promote mutual understanding between banks that fear the digital currency industry and cryptocurrency startups, reports Bloomberg .

“The nature of this business is somewhat different from what we are used to, so banks probably need a new approach ,” said Menon.

He also added that this does not mean at all that MAS will conduct a free regulatory policy in this area. Nevertheless, the agency has no plans to license the activity of cryptocurrency companies.

Earlier, the MAS stated that the law on securities should not regulate any of the tokens known to the department.

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