Singapore clamps down on Bitcoin exchanges with new regulations

March 14, 2014

Singapore plans to regulate local Bitcoin exchanges to stop the virtual currency from being used in money laundering and terrorist financing schemes, authorities said.The Monetary Authority of Singapore (MAS) is bringing greater scrutiny to Bitcoin because of its “anonymous nature” in virtual currency transactions, it said in an online post on Thursday. Transactions with the digital currency can be done without submitting a user’s personal information.As part of the new regulations, Bitcoin exchanges and vending machines will have to verify the identities of their customers, and report suspicious transactions to local authorities.To read this article in full or to leave a comment, please click here

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