Singapore is seeking to cement itself as a key player for cryptocurrency-related businesses as financial centers around the world grapple with how to handle one of the fastest growing areas of finance.
"We think the best approach is not to clamp down or ban these things,” said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), which regulates banks and financial firms.
Instead, MAS is putting in place "strong regulation,” so firms that meet its requirements and address the multitude of risks can continue to operate, he said in an interview.