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Singapore regulates Bitcoin exchanges in effort to prevent laundering

Singapore will now regulate all Bitcoin exchanges which operate within its borders to help prevent money laundering and terrorism funding

| Business, Financial & Legal News | Posted: Mar 13, 2014 10:27 pm

Today, the Central Bank of Singapore announced that it will now regulate all virtual currency intermediaries that operate and do business within the country's borders. The country says that this move will address concerns over money laundering, and terrorism funding. Starting today, Bitcoin Exchanges, virtual currency ATM's and vending machines that accept Bitcoins or other virtual currencies will have to verify the identity of its customers and report all transactions that seem suspicious in nature.

 

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This aligns Singapore with US efforts to bring regulation to the wild west that is cryptocurrency, but this regulation does not mean that there will be any form of safeguards extended to investors like their are in traditional investments made with analog money. This means that while regulators wish to control the currency, they do not wish to protect its investors against collapse, theft, or loss due to natural disasters.

NEWS SOURCE
Thenextweb.com

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