Financial regulator of Singapore will help cryptocompany to establish relationships with banks

Singapore Ravi Mason, the head of the Central Bank and Monetary Department (MAS), stated that it intends to establish a relationship between banks and cryptocurrency companies.

During the interview, he said that he plans to develop a balanced legal framework for the regulation of crypto industry. To do this, you will need to assemble representatives of banks and startups together to discuss compromise solutions for their cooperation. Ravi Menon added that this type of business has a number of specific features, therefore, classical financial structures may have to find new ways to determine the conscientiousness of customers.

In recent years, Singapore has formed a fairly favorable climate for the activities of Fintech companies, and official representatives express the support of the blockchain technology and the functioning cryptocurrency. Such an attitude led to the fact that in August of the current year in the jurisdiction of a tiny country for the first time

However, Ravi Menon, as before, shows restraint against crypto industry and does not condemn the management of banks for refusing to maintain startups, because the behavior of some companies is indeed doubted. He also hopes that when the excitement around virtual currencies will pass, then conscientious projects will become a cheap and fast version of international translations.

Another Asian Tiger, South Korea, just as gradually begins to revise its attitude to the crypton and