March 13, 2014
Singapore will regulate virtual-currency intermediaries including operators of Bitcoin exchanges and vending machines to address potential money-laundering and terrorist-financing risks.
The Monetary Authority of Singapore will require intermediaries that facilitate the exchange of digital currencies to verify identities of their customers and report suspicious transactions to a unit of the city-state’s police, it said in a statement today. No timeframe was given.
Digital currencies have come under scrutiny in markets from China to Russia and the U.S., with some regulators calling for bans or limits on their use. Charlie Shrem, the founder of exchange company BitInstant, was charged in Manhattan two months ago with conspiring to launder $1 million of Bitcoins.
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