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Singapore Regulator positive on Blockchain Cross-Border Payments


Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (MAS) in a recent conference at the Massachusetts Institute of Technology on May 2, said that blockchain has great potential for cross-border payments. 

Earlier in 2016 he had commented that policy makers lacked understanding on blockchain. Thus, MSA- Singapore’s Central Bank decided to innovate with the technology for a better understanding. 

The  MSA has since learned a variety of blockchain-related use cases, including how to deploy the technology to organize payments in the banking system, settle payments against securities, as well as how to conduct cross-border payments, said Mohanty.

He said  central banks of Singapore and Canada having successfully sent each other digital currency using blockchain’s cross border payments. 

Mohanty further mentioned that central banks of Canada and Singapore have been the torchbearers of the blockchain revolution. Mohanty further said, 

“The next wave of central bank blockchain projects can make further progress by bringing technology exploration together with policy questions about the future of cross-border payments.”

In early January, MAS educated the public about common problems in investing digital tokens. 

In another news reported by CoinMarketFeed, The Autorité des marchés financiers (AMF) recently published a press release warning  the public about Kuvera,  a firm offering training courses and software for trading cryptocurrency and investing in forex markets. 

The stock market regulator in France has issued a warning regarding the operation of Kuvera LLC(1)/Kuvera France. As per AMF, Kuvera promotes trading on risky products and targets young people.

Kuvera further promises subscribers compensation which increases with the number of subscribers. Furthermore, AMF notes that company has not been authorized to operate in France. 

 In the announcement, the AMF warned investors about the increasing number of unregistered investment projects. Also, in September of last year, the AMF blacklisted  21 new investment websites, including multiple crypto-related sites.Under the new rules, prior to any token issuances, a company must apply to the AMF for a license and provide the agency with detailed information pertaining to the offer and issuer.

Last month, the head of the Finance Committee of France’s National Assembly, Eric Woerth, suggested a ban on anonymous cryptocurrencies, or so-called privacy coins. He further addressed possible problems associated with cryptocurrencies, including fraud, tax evasion, money laundering, and energy consumption.

Also, recently, The Information Technology & Innovation Foundation (ITIF) released a list of recommendations for regulation of blockchain and cryptocurrencies. 

The guidelines have been bifurcated into major applications such as cryptocurrencies, shared data services, smart contracts, decentralized marketplaces, authenticity tracking, and digital identity applications.