Cryptocurrencies And ICO Worth A Second Look, Says Singapore Central Bank

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Monetary Authority of Singapore (MAS) has said that developments around initial coin offerings (ICOs) and cryptocurrencies can offer lessons for regulators.

Yao Loong Ng, executive director of MAS’ financial markets strategy department, said that, although many are skeptical on the “speculative” use cases of the technology, regulators “have the fiduciary duty to be alert on the potential outcome.”

As reported by Edge Markets, Ng indicated that the “time to market” for ICOs compares favourably with IPOs, which can take nine months to prepare.

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SEC’s deputy secretary-general Tipsuda Thavaramara said  her thought on the digital currency “has changed a lot in the months within the first half of this year.”

“The SEC was not planning to establish a regime to regulate the ICOs and other forms of digital currencies. But if we ignore it, the technology won’t go away, and we might as well deal with it,” she added

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The Bank for International Settlements (BIS), often touted as the regulator for all central banks, has stated that each banking authorities must arrive at a decision on whether or not to issue their own digital currencies in the future.