Singapore gives thumbs up to Bitcoin

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BitcoinThe Monetary Authority of Singapore (MAS) has said that it will neither interfere with Bitcoin trading in the city state nor regulate the virtual currency, at least for now.

“Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene,” the authority said in a statement. However, it had issued statements on the currency in the past, warning speculators that trading Bitcoins was “risky”.

The statement allows Singapore-based Bitcoin services like Coin Republic or GoCoin to operate freely.

Thailand earlier this year has banned the use of Bitcoin. China, the largest Bitcoin market globally, has recently tightened regulations on the currency and ordered third-party payment services to stop handling Bitcoin transactions. Denmark was the latest nation to prepare standards to protect its consumers from risks associated with virtual currencies such as Bitcoin.

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Reading Time: 1 minute

The Monetary Authority of Singapore (MAS) has said that it will neither interfere with Bitcoin trading in the city state nor regulate the virtual currency, at least for now.

Reading Time: 1 minute

BitcoinThe Monetary Authority of Singapore (MAS) has said that it will neither interfere with Bitcoin trading in the city state nor regulate the virtual currency, at least for now.

“Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene,” the authority said in a statement. However, it had issued statements on the currency in the past, warning speculators that trading Bitcoins was “risky”.

The statement allows Singapore-based Bitcoin services like Coin Republic or GoCoin to operate freely.

Thailand earlier this year has banned the use of Bitcoin. China, the largest Bitcoin market globally, has recently tightened regulations on the currency and ordered third-party payment services to stop handling Bitcoin transactions. Denmark was the latest nation to prepare standards to protect its consumers from risks associated with virtual currencies such as Bitcoin.

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