According to the interview of Monetary Authority of Singapore Managing Director Ravi Menon, Singapore’s financial regulator is willing to help cryptocurrency firms that have problems setting up local bank accounts but doesn’t plan to loosen its rules to lure more crypto startups to the country.
“What we are trying to do is to bring the banks and cryptocurrency fintech startups together to see if there is some understanding they can reach,” Ravi said in interview to Bloomberg News.
The main reason for such changes was the huge number of complaints from cryptocurrency firms that hampers their Singapore operations because they are unable to open local bank accounts, or have had their accounts closed.
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