Singapore has a well-devised plan for implementing cryptocurrencies into their economy.
The financial regulators of Singapore have a good understanding of the working of the cryptocurrency industry and have already devised plans for its future.
The Monetary Authority of Singapore (MAS) has made a clear distinction between the different types of cryptocurrencies: utility tokens, payment tokens, and security tokens. They have focused on learning the power of cryptocurrency in all time domains – past, present, and future, rather than just looking at the technology – Blockchain.
Singapore is already known to be one of the first countries that will issue cryptocurrency debit cards. The MAS also has been working with various global institutions to introduce tokenized digital currencies.
Always known to be the country that is ahead of the rest of the world, it is no surprise that they could be the first country to adapt and adopt the cryptocurrency into their system.
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