Connecting the dots, with the UK's view on cryptocurrencies
The UK met it's Singapore counterparts in London on the 11th September.
According to Crowdfundinsider:
"The meeting took place in London where officials discussed regulatory initiatives and standards of conduct in the financial sector. Both the UK and Singapore have pursued Fintech innovation as strategically important for their economies. Developments pertaining to Fintech, including supervisory tech (Suptech or Regtech), cyber-security, as well as the hot topic of cryptocurrencies were on the agenda."
But lets look into this further:
Singapore seems to be pro-cryptocurrency, with welcoming many crypto related businesses like Binance.com and Crypto.com.
There was also the recent announcement from The Monetary Authority of Singapore (MAS) and Singapore Exchange having announced partnerships with partner Anquan, Deloitte and Nasdaq that will “allow financial institutions and corporate investors to carry out simultaneous exchange and final settlement of tokenized digital currencies and securities assets.”
We know that Deloitte are already heavily involved in many blockchain projects and add that Nasdaq are planning to launch Bakkt, a global trading system for digital assets, the news from Singapore is quite optimistic. With an expectation that this would have had a positive affect on the UK meeting.
On the other-hand, the UK's announcements on cryptocurrencies. Who so far have been keeping their cards close to their chest, i.e Lord Bates, Minister of State at the Department for International Development having stated:
“The Government has not made a formal assessment of any potential implications of recent changes in the value of cryptocurrencies. However, the Government continues to monitor developments in the cryptocurrency market”.
Also on the 11th September, UK regulator's chief executive, Andrew Bailey stated
"The impact of ‘technological change and innovation’ is one among them and the regulator is taking a measured approach to “firmly” support innovation while countering the threats they may pose"
Andrew Bailey seems to suggest a balanced but positive approach for cryptocurrency regulations. But we will only know conclusively when the cryptoasset task force report is published due this 3rd quarter and find out if the Singapore government had any influence.