10 October, 2017
Several Singapore cryptocurrency companies have had their bank accounts closed, the Business Times has reported.
Two Singapore trade bodies told the Business Times that their members have faced problems with banks closing accounts.
Anson Zeall, head of Singapore's cryptocurrency and blockchain industry association (Access) told the news site that 10 members had reported problems with this banks, and that this appears to be a common development in fintech 'hub' countries.
Zeall asked the Singapore government to "take a leadership role and demonstrate how to come to an effective resolution among all parties".
The Singapore Fintech Association also said some members had experienced account closures, the Business Times said.
China has said it will halt exchange trading of cryptocurrencies by the end of September. That followed an announcement by the People’s Bank of China (PBoC) of a ban on all initial coin offerings (ICOs) in the country.
ICOs are an increasingly popular way for businesses to raise money. However, the UK's Financial Conduct Authority (FCA) also recently warned consumers against investing in ICOs unless they were experienced investors who were prepared to lose their entire stake. It described ICOs as "very high-risk, speculative investments".
This article was published in Out-law here.
For further information please contact:
Bryan Tan, Partner, Pinsent Masons MPillay
bryan.tan@pinsentmasons.com
