Singapore’s financial regulator wants its banks and blockchains to be friends

Tech 1 week ago The Next Web 17

Singapore’s financial regulator has revealed it will help local cryptocurrency firms set up traditional bank accounts, to help boost the country’s fintech economy. “What we are trying to do is to bring the banks and cryptocurrency fintech startups together to see if there is some understanding they can reach,” Monetary Authority of Singapore managing director Ravi Menon told Bloomberg. Before you go moving to Singapore to set up your new blockchain-based firm in search of crypto-riches, Menon also made it clear that this help will only be for local Singaporean businesses. “We should not be trying to create an extremely…

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