Blockchain-country knows how to deal with cryptocurrencies
A plan for implementing technology into the country’s economy was outlined at the Singapore Consensus forum, where businessmen, cryptocurrency enthusiasts, financial experts and government officials gathered. In particular, the presentations were made by the representatives of the Monetary Authority of Singapore. Their report made it clear that “Blockchain-country” understands the potential use of cryptocurrency at the legislative level. The gradual legalization of digital money will allow investors to create cryptocurrency enterprises and platforms where you can freely sell and buy coins.
What do Blockchain-country officials say about cryptocurrency regulation
The Monetary Authority of Singapore, in contrast to other countries, studies not only the features of the technology, but its goals and prospects. Special attention is paid to tokens and for the sake of what they are created and released to the market.
Officials clearly define the difference between utilitarian, payment and investment tokens. The head of the Office, Damien Pang, stated that control would not be applied to utilitarian coins at all. The nuances of other types of tokens will be considered further and, if necessary, restrictions will be imposed on them.
Let us recall that currently the following types of tokens are different:
- Investment tokens (security tokens) are the same as securities, but in the digital market.
- Utility tokens – their purchase gives access to the services of the project that issued the token
- Payment tokens are a digital means of payment
It is not a secret that Singapore has long established itself as the leader of the cryptocurrency industry in the countries of South Asia. The city-state became the first country where cryptocurrency debit cards were issued. Also, the Monetary Authority of Singapore recently announced that in the future it will cooperate with global institutions for the integration of tokenized digital currencies.
Positive perception of modern technology will allow in the future to increase the already successful state economy.