Singapore to help crypto firms set up bank accounts while staying vigilant

Singapore to help crypto firms set up bank accounts while staying vigilant

Photo: Bloomberg

Singapore’s financial regulator is willing to lend a hand to cryptocurrency firms having problems setting up local bank accounts, but doesn’t plan to loosen its rules to lure more crypto startups to the country.

“We should not be trying to create an extremely lax regulatory environment in order to attract that kind of business,” Monetary Authority of Singapore Managing Director Ravi Menon said Tuesday when discussing the crypto industry in an interview with Bloomberg News. “What we are trying to do is to bring the banks and cryptocurrency fintech startups together to see if there is some understanding they can reach.”

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