There will be no regulations like seen in China towards Bitcoins or any other cryptocurrencies in Singapore, the Singapore Central Bank announced today. " Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which the MAS does not intervene," The official statement read.
Singapore will be joining both Japan and Germany who has also decided to not regulate the popular cryptocurrencies and let their businesses take advantage of the growing market. China on the other hand has decided to ban banks from allowing Bitcoin transactions and demanded that PayPal and AliPay will not be dealing with Bitcoins as well.
China has therefore not decided to regulate the Bitcoin or cryptocurrencies in general, but instead made the simple choice of banning everything that has to do with it. The Chinese fear for the future of the cryptocurrencies and do not wish to have their people engage in such actions. Since the Chinese left the market, the Bitcoin fell from $1,200 to $600 per BTC, while the AltCoins also fell significantly in value.