Singapore, December 23, 2013: In an email sent to Singapore based Bitcoin trading platform Coin Republic (http://coinrepublic.com), the Monetary Authority of Singapore (MAS) stated that virtual currencies are not regulated. Additionally, MAS said “Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene.”
“Singapore has a long tradition as a free trading hub and has become a leading financial center. It’s little surprise that the forward looking nation state has decided to take the lead in becoming a Bitcoin hub for Asia”, says David Moskowitz from Coin Republic.
China’s recent move to block 3rd party payment providers from working with Bitcoin exchanges is becoming known as the ‘Great Financial Wall of China’. Singapore’s acceptance of Bitcoin may prove a way for Chinese Bitcoin holders to spend their savings. “Chinese nationals can freely spend their Bitcoin with merchants in Singapore. Additionally, if they have an account on a Singapore exchange and a local bank account, they can still exchange their Bitcoin for fiat. I wouldn’t be surprised if you see a sudden upsurge of middle kingdom visitors coming to Singapore to open bank accounts” explained Moskowitz.
In contrast to restrictive governments, Singapore has joined what is fast becoming a long list of open countries embracing the growth of Bitcoin. Supporters see it as the next wave in internet technology revolutionizing finance in the same way email has communication.