BitJuice Editor's Note: While the Monetary Authority of Singapore (MAS) doesn't recognize Bitcoin as legal tender, it announced plans to regulate virtual currency intermediaries such as Bitcoin exchanges and ATM vending machines to address potential money laundering and terrorist financing risks. It will require customer identity verification and reporting of suspicious transactions to police.
MAS appears to be taking a laissez faire approach to consumer protection. Said MAS Deputy Managing Director Ong Chong Tee: “Consumers and businesses should take note of the broader risks that dealing in virtual currencies entails and should exercise the necessary caution.”
- See more at: http://bitjuice.com/singapore-to-regulate-bitcoin-operators-for-money-laundering#sthash.vAMAzcsq.dpuf