Singapore does not plan to regulate cryptocurrencies such as bitcoin, but will remain alert to money laundering and other potential risks stemming from their use, said Monetary Authority of Singapore (MAS) managing director Ravi Menon.

Singapore already requires virtual-currency intermediaries such as exchange operators to comply with requirements to combat money laundering and terrorism financing, the MAS chief noted.

"This will be formalised in the coming payment services regu-lation which we are working on," he said.

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