What are Cryptocurrencies?
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography for security and verification purposes during transactions.
Coins vs Tokens
Coins are standalone cryptocurrencies based on their own blockchain. Tokens are built and hosted on existing blockchains.
Coins
Here’re the key deets on the top coins by market capitalization as at December 2019 TABUL8TED!
Tokens
Here’re the key deets on the top tokens by market capitalization as at November 2019 TABUL8TED!
Are Cryptocurrencies legal in Singapore?
Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), has taken a progressive approach to cryptocurrencies. Without declaring them to be illegal, they have cautioned the public about the risks of cryptocurrencies, stressing that these are not legal tender and function in an unregulated environment.
Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), MAS, was quoted as saying:
“The number of digital token exchanges and digital token offerings in Singapore has been increasing. We do not see a need to restrict them if they are bona fide businesses. But if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action. The public should be aware that there is no regulatory safeguard if they choose to trade on unregulated digital token exchanges or invest in digital tokens that fall outside the remit of MAS’ rules.”
MAS does however regulate activities surrounding cryptocurrencies if they fall within MAS’ general ambit as a financial regulator, e.g. whether rules on issuance of securities Anti-Money-Laundering (AML)/ Counter-Terrorist Financing (CTF) have been complied with.
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- READ MORE:
- Read TABUL8TOR’s beginner’s guide to blockchain, stablecoins, cryptoccurrency exchanges, cryptocurrency wallets.
- READ TABUL8TOR’s quick comparison of Bitcoin and Ethereum.
- Read TABUL8TOR’s review of cryptocurrency cards and cryptoback apps.
***Disclaimer: This post is for informational purposes only and does not constitute a recommendation to buy cryptocurrencies. Please do your own due diligence before taking any action.
