Monetary Authority of Singapore: Cryptocurrencies and ICOs Deserve More Detailed Study

November 13, 2017

Monetary Authority of Singapore: Cryptocurrencies and ICOs Deserve More Detailed Study

The latest trends in the world of cryptocurrencies and ICOs should be studied comprehensively says executive director of Monetary Authority of Singapore Ng Yao Loong.

He believes that potential solution of problems of the public and private markets can be found in these spheres.

"When it comes to ICOs or digital currencies, many people have deemed it is speculative. For financial regulators, they should know about all possible consequences," he said.

Despite skepticism surrounding cryptocurrency and ICO and belief, that it is a fraud, Ng supposes, that they may have a lot of useful opportunities for regulatory bodies. Moreover, he marked opportunities regarding time to enter the market.

“If the process of writing a whitepaper for ICO and subsequent listing of tokens on an exchange could take several days, we must learn learn from this process. IPO could take 9 months, so we need to find some ways for reducing time to enter the market," said Loong.

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