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Singapore To Regulate Virtual Currency Exchanges
SpankiMonki writes "Following on the heels of the Mt Gox bankruptcy, the Monetary Authority of Singapore (MAS) plans to impose new regulations on currency exchanges dealing in bitcoin and other virtual currencies. Virtual currency exchanges would need to verify their customers' identities and report any suspicious transactions under the new rules.
The MAS said its regulation of virtual currency intermediaries — which include virtual currency exchanges and vending machines — was tailored specifically to the money-laundering and terrorism financing risks they posed. However, the new regulations would do nothing to ensure the solvency of virtual currency intermediaries or the safety of their client's funds."
The MAS said its regulation of virtual currency intermediaries — which include virtual currency exchanges and vending machines — was tailored specifically to the money-laundering and terrorism financing risks they posed. However, the new regulations would do nothing to ensure the solvency of virtual currency intermediaries or the safety of their client's funds."
It's the death of the free market, and the government will ruin everything we built!
I think the BitCoin community is doing a pretty good job of ruining the currency on their own without government help.
"File to fit, pound to insert, paint to match" - Aircraft Maintenance 101
I made a similar currency: I call it '$hitcoin'. It's not the first one I made, but version number two.
It's a craptocurrency, but one based on alimentary, time-tested economic principles, real old-stool. IANAL, but it rests on a strong fecal foundation, with minimal risk of law sewage.