The Monetary Authority of Singapore (MAS) will consider more targeted legislation of both cryptocurrencies and token sales as activity in the sector matures in the city-state.
In an announcement on 3 October, Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS, elaborated: “MAS has been monitoring the use of such virtual currencies. Their use is not prevalent in Singapore – about 20 Singapore retailers like restaurants and online shops currently accept Bitcoins. This is unlike places like Japan, where the use is more popular.”
