Singapore, Dubai and the Philippines Plans to Expand Cryptocurrency Industry

News / 29.01.2020

New plans to be launched by Singapore, Dubai and the Philippines may assist in shaping the future of the cryptocurrency industry.

On January 28, the Payments Services Act of Singapore became effective, permitting crypto firms to apply for licenses to operate in Singapore. It is the first of its kind in the country. The Act offers a regulatory framework that explains the way to deal with operations related to crypto trading as well as digital payments.

According to the Act, the Monetary Authority of Singapore (MAS) is in charge of regulation for crypto payment services, merchant acquisition and domestic transactions. Another role of the MAS is the mitigation of cyber-security risks and the establishment of controls to deal with the funding of terrorism and money laundering.

Nizam Ismail of Ethikom Consultancy said the new Act provides regulatory clarity on new kinds of payment activities like e-wallets and crypto exchanges.

Dubai Multi Commodities Centre (DMCC) in Dubai said it is working with CV VC and CV Labs towards the launch of what is known as Crypto Valley. In a press release, the centre said the Crypto Valley will provide various services.

It is visualized to become the biggest domain for blockchain, distributed ledger and cryptographic technologies globally. The aim is to enable growth, cooperation, and integrity within the international blockchain economy.

Likewise, another Crypto Valley (Crypto Valley of Asia) is coming up in the Philippines. It is the Cagayan Economic Zone Authority’s (CEZA) project and it is planning to develop an $80million airport within the economic zone towards the attraction of more investors.

According to Raul Lambino of the CEZA, the proposed airport is essential to establish and realize the Crypto Valley of Asia vision. CEZA is discussing the licensing of the new airport. Lambino said quick transportation of investors to the ecozone is feasible through an airport facility.

Philippine authorities are trying to use the Crypto Valley of Asia for the growth of its fintech community and bring in investments from global cryptocurrency and blockchain firms. Last month, the number of firms that has received licenses from the CEZA to establish cryptocurrency exchanges in the country was 40.

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.