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MAS takes first step towards rules regarding virtual currencies

Published on Mar 13, 2014 5:01 PM
 
A pile of Bitcoin slugs sitting in a box ready to be minted on April 26, 2013 in Sandy, Utah. Authorities in Singapore are taking the first step in setting up rules regarding virtual currencies such as bitcoins. -- FILE PHOTO: AFP

Authorities in Singapore are taking the first step in setting up rules regarding virtual currencies such as bitcoins.

The Monetary Authority of Singapore (MAS) said on Thursday that it will regulate intermediaries of such virtual currencies in a bid to weed out illicit activities.

This means operators of bitcoins exchanges and ATMs will come under the financial regulator's ambit.

They will be required to verify the identities of their customers and to report suspicious activities to the Suspicious Transaction Reporting Office, requirements that are similar to those imposed on money changers and remittance businesses.

 
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