Built in haste, the regulations can be difficult to comprehend, or even worse, comply with.
Hong Kong, Singapore and Japan show that when governments get into this game, it's about finding a balance between protecting investors and encouraging innovation."Singapore is a great place where you can collaborate, experiment, and scale. We have a strong pool of talent and expertise within the blockchain ecosystem." - MAS managing director Ravi Menon
As Michael Titus, of Titus Solicitors in Hong Kong, put it:"The crypto currency market is still in its infancy and is constantly evolving." But any business that takes money or assets from a customer must be regulated. Rather than focus on regulating or restricting the end-user, governments should be putting more pressure on the places that hold the assets: exchanges and funds.
The regulators here are applying existing laws around investments and assets to digital ones. While this stops specific discriminatory policies, it doesn't offer consumers full protection in a rapidly-changing landscape. MAS managing director Ravi Menon has said:"Singapore is a great place where you can collaborate, experiment and scale. We have a strong pool of talent and expertise within the blockchain ecosystem."
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