Singapore to Simplify Access to Banking Services for Cryptocurrency Firms

Singapore’s financial watchdog will bridge the gap between cryptocurrency firms and banks, by helping digital currency firms set up local bank accounts.

Bridging the Divide Between Cryptocurrency and Financial Institutions

The Monetary Authority of Singapore is willing to help virtual currency firms having difficulty opening bank accounts. However, the financial regulatory body stated it wouldn’t slacken its rules to entice other digital currency startups to Singapore.

According to Bloomberg, the Asian country has tried to take steps to upgrade its financial sector to provide jobs and expand its company. But the government is treading carefully in dealing with virtual currency exchanges and firms. Crypto firms in the country lament on the absence of a regulatory framework that hampers them from opening local bank accounts.

Commenting on the glitch encountered by digital currency firms, Ravi Menon, Managing Director of the Monetary Authority of Singapore, said:

We should not be…