Singapore broker urges 'light touch' Bitcoin regulation
Singapore should adopt a light touch approach in regulating virtual currencies such as Bitcion, and instead allow technology to do most of the "governing" to safeguard against illegal activities.
According to David Moskowitz, director of Singapore-based Bitcoin broker, Coin Republic, regulation alone will not necessarily achieve its goal of addressing concerns such as money laundering or the failure of a Bitcoin exchange.
Monetary Authority of Singapore (MAS) last month said it would introduce legislations related to virtual currency transactions including Bitcoin, in a bid to safeguard against associated risks, specifically, terrorist funding and money laundering. It said it would require virtual currency intermediaries that buy, sell, or facilitate the exchange of such currencies for real currencies to verify the identities of their customers. They are also to report "suspicious transactions" to an intelligence unit within the country's Commercial Affairs Department, which is already required of money changers and remittance businesses handling cash transactions.
