<p><span id="result_box" lang="en"><span>Today, the crypto-currency market is rapidly developing.</span> <span tabindex="-1">Governments around the world are wary of the rise in the number of crypto currencies and digital tokens.</span></span> <span>Some try to regulate this market, others prohibit the registration and use of crypto-currencies, while others observe the course of events and analyze</span>. <span>Singapore has many advantages for launching crypto currency, including measures to protect investors and prevent money laundering.</span> <span>Singapore already has experience of successful business start-up in this area.</span></p><div><h2 style="text-align: center;"><strong>The start-up experience for working with crypto currency in Singapore</strong></h2></div><p><span>In 2014, a couple of days before Christmas, DigixGlobal was founded by Anthony Claret Eufemio and KC Chng</span>. <span>The business is based on the use of digital marker tokens on Ethereum</span>. Ethereum <span>is a distributed computing platform with open source based on a block chain with the functionality of smart contracts</span>.</p><p>«<span>We realized that the current world of finance excludes a wide range of users who were covered and not covered by banking services</span>», — <span>the co-founder of DigixGlobal Sheng Ji said, who joined the start-up after leaving his job in the trading fund</span>.</p><p>«<span>Gold is the oldest and most stable asset in the world</span>. <span>Serving non-banking and emerging markets such as Indonesia and India, turning such markets into digital ones, would create a stable digital coin for a growing crypto-currency market that provides greater financial and social openness</span>».</p><p><span>Singapore - described by some experts as a healthy environment for crypto-conversions and Blockchain, which thrives on its high-end communications network, its reputation as a key financial center and a propensity for Fintech - is home to several launches of crypto currency</span>.</p><p><span>The list includes CoinGecko, which launched the third largest site with crypto-currency data in the world with more than 13 million monthly page views</span>. <span>Startup was registered in Singapore in April 2014</span> and <span>has its main team currently in Kuala Lumpur with remote workers in several countries</span>.</p><p>«<span>We decided to include Singapore a few years ago, because at that time there was more liquidity in the market for Bitcoin compared to Malaysia</span>», — <b></b><span>said co-founder CoinGecko Bobby Ong</span>. «<span>We are interested in Bitcoin's liquidity, as some of our customers pay crypto currency</span>».</p><p><span>Republic is one of the early adopters of <span>blockchain</span> technology</span>. <span>Even before the terminology for primary monetary offers (ICO) became popular, DigixGlobal already participated in ICO schemes</span>. <span>ICOs are used by start-ups to raise funds for new enterprises with crypto-currencies, but this method draws attention to the recent tightening of regulation due to fraud</span>.</p><p><span>However, not all crypto currency launches should be considered as scammers, said Chang Ong and noted that DigixGlobal builds trust by allowing customers to believe in the technology and the product that it created</span>. <span>It must have worked</span>. <span>His company has come a long way since his first client, a Dutchman who bought gold tokens from the company in January 2016</span>. <span>At the moment he has 8 000 supporters through various channels</span>.</p><p><span>DigixGlobal uses crypto currency Ethereum for business management</span>. <span>Ethereum is a block chain, the same as bitcoine, but it allows you to use smart contracts and asset tokens</span>.</p><p><span>The company on a regular basis publishes the evidence presented by the records of the entire process at every step</span>. <span>In addition, it performs due diligence of its customers to verify the legality of the funds they earned</span>.</p><p><span>According to Chang Ong, the future of the crypto-currency market is bright with tens of thousands of tokens</span>. <span>At the moment there are 1000 crypto-currencies and tokens</span>. <span>The whole of the crypto-currency market valuation reached a record level of 200 billion US dollars (273 billion Singapore dollars)</span>. <span tabindex="-1" class="alt-edited">This data on November 3, 2017.</span><span> </span><span tabindex="-1">At the beginning of the year, the estimate was only $ 17 billion</span>.</p><p><span>According to Ong and based on data collected from his platform, most users of crypto currency are men under the age of 35</span>.</p><p><span>The crypto-currency market is global, and the platform serves not only users from English-speaking countries, but also from Germany, Japan, South Korea and Russia</span>.</p><p>«<span>We see such a future market: ICO will be regulated, which is especially useful for tokens, and there will be many other tokens created for many other uses</span>», — Mr. <span>Ong said</span>.</p><p><span>This year, there is growing interest in crypto-conversion - especially Bitcoin and Efirium - because of the huge revenues that they showed, Mr. Ong noted</span>. <span>Bitcoin, which cost 1 US dollar on January 1, soared to a record high on Friday (November 3, 2017) at $ 7.445</span>. <span>The growth occurred after the CME Group, the world's largest owner of the stock exchange, announced plans to introduce bitcoin futures by the end of the year.</span></p><p><span>But as in all trading operations, there are still risks, Mr. Ong warned</span>. <span>They include purse security, price volatility and the potential risk for scams</span>. <span>He suggested that users need to take control <span>under their</span> coins and "did not recommend" to store them in exchangers</span>. <span>This is due to the fact that the stock exchange is very prone to cracking, which can lead to a complete loss of coins.</span></p><p><span>Another prime example is the company TenX, working in the ICO offer in Singapore</span>. <span>The startup collected $ 80 million in June this year</span>. <span>Investors are offered a debit card that allows instantly convert several types of digital currencies into cash, including dollars, yen and euro</span>.</p><div><h2><strong>Midshore Singapore will not regulate cryptoconversion</strong></h2></div><p><span>According to the Central Bank of Singapore <span>official</span>, there is no plan to regulate crypto-conversions (for example, bitcoin), but the bank will be considerate of money laundering and other potential risks associated with their use</span>.</p><p>«<span>At the moment I see no reason to regulate crypto-currencies</span>», — <span>said in an interview managing director of the Monetary Authority of Singapore Ravi Menon</span>. <span>The Central Bank intends to "look at the actions associated with the crypto currency, and ask themselves what risks they represent, what risks will require a regulatory response</span>», — he added.</p><p><span>The use of Bitcoin and the dissemination of other digital assets attracts cautious views of regulators around the world.</span> <span>Although many central banks still refrain from controlling the Crypto-currency, China and South Korea have banned the offering of the original ICO coins, and Russian President Vladimir Putin called for sector regulation</span>.</p><p>«Just a f<span>ew jurisdictions regulate crypto-currencies</span>. <span>Most hold the view that the currency itself doesn't create a risk that requires regulation</span>», — Mr. Menon said. <span>However, he said that the crypto-conversion is often used for the purpose of illegal financing</span>. <span>And the country is fighting against money laundering, measures are being taken to counter the financing of terrorism</span>. <span>However, this affects the activity around the crypto currency and not the crypto currency itself</span>.</p><div><h2><strong>Midshore Singapore is ahead of the curve</strong></h2></div><p><span>In every field of business scandals periodically erupt. The world of digital currency is no exception</span>. Mt.<span>Gox - the largest Tokyo currency currency exchange in the world <span>filed</span> for bankruptcy<span> in 2014</span> after it lost 850 thousand bitcoins worth about $ 500 million</span>. <span>Another big scandal occurred in New York City</span>. <span>The young man and his company were lured into a fraudulent scheme with promises of investing the funds received into bitcoins with about 80 people</span>.</p><p><span>In order to avoid scandals on the territory of Singapore, the government already now requires crypto-currency intermediaries and exchange service operators to comply with anti-money laundering legislation and the financing of terrorism</span>. <span>According to the representative of the Monetary Authority, this will be formalized in the regulation of the forthcoming payment services</span>.</p><p><span>If the ICO includes a promise to receive dividends or other economic benefits, they may resemble regular offers of securities and, therefore, will be governed by the Singapore Securities and Futures Act</span>. <span>Other business models "avoid such security functions in their digital tokens"</span>.</p><p><span>Therefore, the Monetary Authority of Singapore simply observes each individual case to see which of them will need to be introduced into the regulatory framework and which of them may not be regulated</span>.</p>