“The way technology develops and grows right now, there is no doubt about that. The booming global interest in cryptocurrencies means Singapore – which has positioned itself as a hub for financial technology in Asia – has to walk a fine line between encouraging technological innovation and reducing financial system risk within its borders. Singapore’s concerns echo those expressed by regulators in other jurisdictions such as Australia and South Korea. Deloitte’s head of financial crime for Asia Pacific, Tim Phillipps, expects policymakers’ warnings will only increase as the virtual currency investment community broadens. “The regulators generally around the world are worried about less sophisticated investors getting drawn in to what is a pretty murky and dark market,” said Phillipps.

Source: The Express Tribune December 21, 2017 09:33 UTC