#AceFinanceNews Singapore intends to start regulating Bitcoin operations, as fears over its involvement into illegal operations and terrorist financing are growing.
The Monetary Authority of Singapore (MAS) will require Bitcoin intermediaries to check the identity of customers.
“Consumers and businesses should take note of the broader risks that dealing in virtual currencies entails and should exercise the necessary caution,” MAS Deputy Managing Director Ong Chong Tee said in a Thursday statement.
The regulatory rules in Singapore will be similar to those now applied in Hong-Kong, as MAS told Bloomberg.
The laws in Hong Kong cover fraud and money laundering that involve “virtual commodities.”