Singapore is Going to Support Blockchain

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Bitcoin News

Singapore is Going to Support Blockchain

According to the new commentary from the officials, the government of Singapore has decided to take an active role in promoting Blockchain in Southeast Asia.

The finance minister Heng Swee Keat spoke at the meeting of finance ministers membership. He has mentioned saying:

“In particular, we will support digital innovations like FinTech. For example, the underlying Distributed Ledger Technology presents us with many opportunities for cheap and secure transactions. This can promote financial inclusion for underserved and underbanked segments in ASEAN.”

Mr. Heng’s remarks appear at a time when Singapore is bidding to set a new trend in Blockchain-friendly management and oversight.

The Monetary Authority of Singapore (MAS) and the key financial regulator has revealed plans of launching the Project Ubin Blockchain implementation. The project has a purpose to create a real impact.

It appears that Malta has adopted a strong direction to become the “Blockchain Island”, as the country has made it clear it is ready to put efforts in order to achieve its goal.

In relation to this one the latest positive developments comes in face of the announcement from Binance exchange. It has chosen Malta as the location for their headquarters. Changpeng Zhao, the CEO of Binance has welcomed other cryptocurrency projects to Malta.

Malta is open for Binance, as the company looks into starting the upcoming partnerships with local banks to allow fiat-to-cryptocurrency deposits. The exchange moves to Malta due to the heightened cryptocurrency environment turmoil in Japan, South Korea, and China.

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