Blockchain & Cryptocurrencies Regulation Index 2018. Country Report: Singapore
Singapore. Index score: 7.70. Country Rank: 3. Rather Enabling Environment.
Regulatory conditions for business projects related to blockchain and cryptocurrencies started taking shape in Singapore in 2013. The Monetary Authority of Singapore (MAS) announced its intention to refrain from regulating cryptocurrencies, emphasizing the loss of investment risk everybody engaged in virtual currencies trading should be ready to face. The Inland Revenue Authority of Singapore (IRAS) issued instructions in early 2014 detailing the ways for the taxation of cryptocurrency and blockchain technology-related activities in accordance with the current legislation. Later on, in 2014, the MAS announced its intention to regulate the activities of intermediaries that exchange cryptocurrency for fiat money. In August 2017, the MAS published a guide to ICOs regulation.
The regulatory conditions that shaped in 2014–2017 are still in place. However, the MAS developed the Payment Services Bill and started its public discussion in August 2016. The Bill incorporates rules for combating money laundering and terrorism financing, regulates the exchange of virtual currencies for fiat money or for other virtual currencies. It is expected to be introduced to the Parliament in 2019.
Regulatory conditions for business projects related to blockchain and cryptocurrencies started taking shape in Singapore in 2013. The Monetary Authority of Singapore (MAS) announced its intention to refrain from regulating cryptocurrencies, emphasizing the loss of investment risk everybody engaged in virtual currencies trading should be ready to face. The Inland Revenue Authority of Singapore (IRAS) issued instructions in early 2014 detailing the ways for the taxation of cryptocurrency and blockchain technology-related activities in accordance with the current legislation. Later on, in 2014, the MAS announced its intention to regulate the activities of intermediaries that exchange cryptocurrency for fiat money. In August 2017, the MAS published a guide to ICOs regulation.
The regulatory conditions that shaped in 2014–2017 are still in place. However, the MAS developed the Payment Services Bill and started its public discussion in August 2016. The Bill incorporates rules for combating money laundering and terrorism financing, regulates the exchange of virtual currencies for fiat money or for other virtual currencies. It is expected to be introduced to the Parliament in 2019.
HISTORICAL BACKGROUND
POLITICAL ENVIRONMENT
Head of state
Parliament
Government of Estonia
Central Bank
Banks
Courts
Associations
LEGAL ENVIRONMENT
Regulatory Convergence
Definiteness of Legal Regulation
Regulation of the cryptocurrency business
Stability of Legal Regulation
Adequacy of Legal Regulation
Situation With the Rule of Law
INFRASTRUCTURE ENVIRONMENT
POLITICAL ENVIRONMENT
Head of state
Parliament
Government of Estonia
Central Bank
Banks
Courts
Associations
LEGAL ENVIRONMENT
Regulatory Convergence
Definiteness of Legal Regulation
Regulation of the cryptocurrency business
Stability of Legal Regulation
Adequacy of Legal Regulation
Situation With the Rule of Law
INFRASTRUCTURE ENVIRONMENT
