There are many rumours regarding government making a ban on crypto currency. What is your opinion?

Hi there, for Singapore, the situation is not as bad yet, and i don’t think it will get banned anytime soon. The reality is that there are plenty of other things that you can lose money on, and crypto is one of them: this is not a strong enough reason to ban it. If necessary, to protect investors, MAS will issue advisories which will essentially warn people that crypto is just a very risky asset.

What may be reason to ban it is when crypto trading has a fallout effect or impacts the main financial system we have here. However, in Singapore’s case, our financial system is of a decent size, and the volume of crypto is just not that high, unlike South Korea (which i believe has a ban).

Of course, with all financial systems (even ewallets), there’s always a risk of money laundering or people are using it to fund illegal stuff like terrorism. Again, not a reason to ban it, and MAS has (or is going to) introduce certain compliance regulations to address it.