Monetary authority of Singapore (MAS), the de facto Central Bank of the city-state, is ready to help cryptocurrency companies with open accounts in local banks. In an interview with Bloomberg said MAS managing Director Ravi Menon (Ravi Menon).
However, he added that the regulator plans to relax rules to attract more Singapore crypto-startups.
“What we’re trying to do is to bring cryptocurrency banks and FINTECH start-UPS together to see if there’s some understanding that they can achieve,” said Ravi Menon.
According to Bloomberg, in September in Singapore was closed the Bank accounts of a dozen companies in the cryptocurrency sector, and some industry startups complained about the inability to open an account. The head of the MAS noted that many aspects of kriptonyte remain unclear and dangerous for investors. “I would not blame the banks that they will not open Bank accounts”, he added.
“The nature of this business is slightly different, so the banks may have to use other ways in which they will be able to establish the integrity of the client. I hope we will be able to unite in order to overcome this obstacle,” said Ravi Menon.
Cryptocurrency companies are faced with the problem of banking services in many countries, including India, Chile, Brazil and Poland.
Recall that in September, the Korean company Dunamu launched in Singapore cryptocurrency exchange UPbit Singapore and Binance started beta testing a new cryptococcomas site. Both platforms said pair trading with the Singapore dollar, which means that they were able to obtain banking services in the country.