3 ingredients required for broad acceptance?
1. regulatory framework, i.e. rules
2. liquidity, i.e. pension fund/money market $
3. a killer use case
According to the agency, any firm that buys, sells, or facilitates “the exchange of virtual currencies for real currencies” will be required to “verify the identities of their customers and report suspicious transactions to the Suspicious Transaction Reporting Office.” The MAS claims that these regulations are “similar to those imposed on money changers and remittance businesses who undertake cash transactions.” The agency made clear, however, that Singapore still does not consider virtual currencies as “real” like securities or legal tender.