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Singapore’s fiat regulations for digital currencies

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The Deputy Prime Minister of Singapore has tried to illuminate the country’s position on digital currencies concerning its illegal tax avoidance laws. Talking esrlier this week, Mr. Tharman Shanmugaratnam emphasized that Singapore’s financial controller won’t recognize digital forms of money and fiat monetary standards.

With Singapore progressively being viewed as a potential goal for digital currency, organizations looking to escape the regulatory vulnerability related with China, Singaporean authorities are confronting expanded examination in regards to the country’s juridical device relating to cryptographic forms of money.
Earlier this week, Singapore’s deputy prime minister and Chairman of the Monetary Authority of Singapore (MAS), Mr. Tharman Shanmugaratnam, looked to illuminate Singapore’s against tax evasion (AML) and countering the financing of fear based oppression laws (CFT) with respect to digital currency.“When it comes to money laundering or terrorism financing, Singapore’s laws do not make any distinction between transactions effected using fiat currency, virtual currency or other novel ways of transmitting value.”
Mr. Shanmugaratnam emphasized that the MAS, Singapore’s money related controller and national bank, won’t recognize exchanges led in fiat and digital money in trying to implement its AML/CTF laws, including that every single financial instituition will be liable to similar directions. The MAS administrator likewise expressed that The Commercial Affairs Department will be engaged to explore and arraign cases identifying with illegal tax avoidance or psychological oppressor or terrorist financing.

The MAS chairman, however, perceived that the regulation of virtual currency exchanges may posture challenges not related with checking fiat money circulations. .
Mr. Shanmugaratnam emphasized the pseudo-anonymous qualities of cryptocurrency, adding that the absence of a centralized clearing further complicates the challenge of regulating transactions executed using virtual currencies.

In order to mitigate said challenges, the MAS will seek to impose anti-money laundering and anti-terrorist financing requirements on intermediaries that exchange fiat for virtual currencies – such as exchanges and brokers. Singapore’s financial regulator is presently conducting public consultation relating to the proposed Payment Services Bill intended to empower MAS to have greater jurisdiction over cryptographic money exchanges and brokerages.
Mr. Shanmugaratnam’s remarks include an obvious change in the position of the MAS concerning the cryptographic forms of money, as the MAS administrator has already expressed that the MAS won’t look to manage virtual monetary standards, aside from when the exercises identifying with digital currencies directly fall under the juridical domain of the MAS. By contrast, Mr. Shanmugaratnam’s current explanation shows that the MAS is looking to extend its administrative order to more noteworthy screen organizations that change over fiat into cryptographic forms of money.

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Bitcoin under $4000

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Bitcoin is crashing again in crypto market along with other cryptocurrencies, as Bitcoin again dipped under $4000 mark.

2018 will be remembered as one of the worst years for crypto currencies, after spectacular boom of crypto market in 2017 in terms of adoption and increase in market cap, this year so far has proven to be the opposite of that, Crypto market cap reached the level of $800 billion at the start of 2018 and now the total worth of crypto market is $125 billion which shows more than 80% of decline in overall market cap.

Bitcoin dipped below the level of $3500 few days ago and now market is crashing one more time, shows that bottom is still not here and we are far away from bottom as of now, market dynamics are changing, shows that all the speculators in the market are taking a big hit from this bear market.

It will be interesting to see, how bitcoin will survive this crucial time period, but the biggest question is, where is the bottom? because according to many analysts in crypto market, bottom lies somewhere between $2000-$3000

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India’s largest Mobile & Internet industry forms Blockchain Committee

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India is promoting the blockchain ecosystem in the country and the latest move in this regard is the country’s influential internet and mobile industry association has formed a committee dedicated to the decentralized (blockchain) technology.

India’s most-read business daily the Economic Times reported, with the new blockchain committee, the Internet and Mobile Association of India (IAMAI) is batting an eye on the government to widen the blockchain industry and startups.   India’s most-read business daily the Economic Times report.

The focus is to use blockchain technology to facilitate job creation and reduce the unemployment rate in the country.  This will give a boom to the new digital economy in the country, the report added.

The new committee within the influential non-profit will be chaired by Tina Singh, digital chief at private lending giant Mahindra Finance.

She told the publication:

“Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates.”

The committee includes several includes many well-reputed executives of major corporate giants spanning tech and financial sectors such as Microsoft, Mastercard, IBM and HDFC Bank, India’s biggest private bank.

Interestingly, the committee also includes Sandeep Goenka, founder of major Indian bitcoin exchange Zebpay. The app-only exchange was among India’s earliest and largest exchanges until it closed trading services less than a month ago. However, Zebpay continues to provide a wallet service to users, the exchange said it was “unable to find a reasonable way to conduct the cryptocurrency exchange business” following the central bank’s comprehensive ban that bars banks from providing services to exchanges and the wider crypto sector.

Despite the ban and less viability on the cryptocurrency sector, which remains unregulated, the formation of the blockchain committee proves the consistent effort to integrate the groundbreaking tech into wider society.

Singh added:

The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain.”

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BTCC Chinese Crypto firm plans to start its services in South Korea

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BTCC, China’s first cryptocurrency exchange, has planned to expand its services in South Korea on October 31, 2018.

Initially known as BTC China, the cryptocurrency trading exchange was one of the largest in the world in terms of trading volume. However, owing to  China’s crackdown on crypto trading and initial coin offerings (ICOs), the exchange was asked to shut down its services in the country in September last year and transferred to Hong Kong in January 2018.

According to a report, BTCC’s Korea operations will be headed by Lee Jae-beom. He said that BTCC Koplannedaned to highlight a new vision of cryptocurrencies. The exchange will first launch its beta services this month, with the official debut set for November.

Furthermore, the exchange stated that it will provide not only the trading, buying and selling services to its customers, but it also plans to create own a wallet, a mining pool, and a consumer payments service. However, there is still no information about the coins listed on an exchange. On the South Korean version of its website, the company has not yet specified which coins will be supported on the exchange.

Commenting on the launch, Lee said: “Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here. BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”

The report said, BTCC also plans to expand its services and it wants to achieve this via strategic tie-ups with local and global firms. Recently, the company announced that it had joined hands with Defytime, a producer of anti-ageing products. The partnership will helpDefytime to adopt blockchain in healthcare products.

In Hong Kong, BTCC offers a range of services and products for trading to a global customer base. In particular, the exchange facilitates the trading of five cryptocurrencies against the USD – BTC, BCH, ETH, LTC, and DASH. In addition, BCH, ETH, LTC and DASH can also be traded against BTC.

 

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