quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

Cryptocurrencies Need Regulation to Prevent Money Laundering, Says Singapore Minister

Cryptocurrencies Need Regulation to Guard Against Money Laundering

A panel of regulators and bankers at the World Economic Forum stated that cryptocurrency need to be regulated to protect against money laundering and other financial crimes. 

Singapore’s Senior Minister Tharman Shanmugaratnam demonstrated that it is “very clear” that the cryptocurrency margin has to be controlled for things like money laundering, similar to traditional finance. 

And when it comes to regulating cryptocurrency the same way as banks and insurance firms, there is a significant need to ask the required set of questions. 

“Does that legitimise something that’s inherently purely speculative? And in fact, slightly crazy?” said Mr Tharman, who is also Coordinating Minister for Social Policies and chairman of the Monetary Authority of Singapore.

“Or are we better off just providing ultra clarity as to what’s an unregulated market and if you go in, you go in at your own risk? I lean a bit more towards the latter view.”

Mr Thaman stated that customer education is necessary to clarify that working in cryptocurrency is a risk at one’s own expense. 

“And then if crypto or blockchain or any of the parts of that ecosystem would like to do things that traditional finance is doing, you apply exactly the same regulations to that. Capital liquidity, reserve backing, exactly the same regulations,” he added. 

“So people are very clear. There is one regulatory system for everything. And if you’re outside of the regulatory system, buyer beware.”

Francois Villeroy de Galhau, the governor of the Bank of France, who was also at the panel, mentioned that nations should rush to roll out rules for non-bank financial firms, starting with crypto firms. 

“We cannot say, look, there was this crypto winter and now it’s over. You don’t have to deal with it. We have to regulate,” he said, adding that calls for a ban are “a bit exaggerated”.

 “We have to regulate in a coordinated manner. We have to have international rules, it’s an utmost priority.”

The pressure to impose stricter crypto rules grew after the world’s second-largest crypto exchange, FTX crashed back in November 2022. Other high-profile collapses include the blow-up of Terra-Luna and Three Arrows Capital. 

Furthermore, UBS chairman Colm Kelleher named blockchain technology “unstoppable” and stated that it will “reduce huge operational friction, reduce costs and, harnessed properly, will be a very good value additive to the chain”.

Suggested Read:

Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions
Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA
Cryptocurrencies marked as top AML and CFT Priority by FinCEN

Related Posts

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started