Singapore to regulate trades in cryptocurrency derivatives

Central bank move to benefit approved exchanges like SGX

20191120 bitcoin

Bitcoin, the best known, has a total market value of some $148 billion based on the number in circulation, according to coinmarketcap.com, a popular website for information about digital currencies. © Reuters

SINGAPORE (Nikkei Markets) -- The Monetary Authority of Singapore plans to allow the trading of derivatives involving bitcoins and similar cryptocurrencies on select platforms, paving the way for regulatory oversight as these products become increasingly popular among investors.

The proposed changes to Singapore's Securities and Futures Act, which were outlined in a consultation paper, will apply to approved exchanges, including the Singapore Exchange, and licensed intermediaries, such as brokers.

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