Central Banking

MAS working to keep crypto-currencies and ICOs under control

Tharman Shanmugaratnam Singapore deputy prime minister and minister of finance
Tharman Shanmugaratnam
Robin/Wikimedia

The Monetary Authority of Singapore is keeping watch for potential threats from crypto-currencies and the growing use of initial coin offerings (ICOs), Tharman Shanmugaratnam says.

Shanmugaratnam, the minister in charge of the MAS, stresses the use of virtual currencies in Singapore is not widespread relative to other jurisdictions. But the central bank is adjusting payments regulations to capture such currencies in anti-money laundering regulations, he writes in a letter to parliamentarians.

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