Throughout blockchain’s fairly short history, there have been hardly any working relations between regulators and blockchain stakeholders. Most countries through their regulators, often the central banks have issued warnings on the blockchain industry, stating that they do not regulate it and can’t manage any risks. However, recently, some regulators have decided to take steps towards ensuring the industry is regulated. Blockchain training course offers the best chance to learn and acquire more knowledge about this massively hit technology.
Friendlier to Crypto-world
Singapore, through its Inland Revenue Authority of Singapore (IRAS), outlined the country’s plan to exempt cryptocurrencies from the goods and services tax (GST). The country has always been at the forefront of taking friendlier positions on cryptocurrencies compared to other regulators. Currently, cryptocurrencies are classified as ‘goods’ and are not legal tender. Cryptocurrency exchanges are legal in Singapore.
Singapore’s plan to end GST on cryptocurrencies opens new possibilities for the crypto world as the IRAS defines as a unit of exchange whose value is not pegged to any currency and is intended to be a medium of exchange acceptable by the public. Stablecoins do not meet these criteria as their value is often pegged to a fiat currency or other assets. No longer considered ‘goods’, cryptocurrencies will be considered as alternatives of legal tender (fiat currency), and be widely accepted as exchange media from January 1, 2020, if the legislations are passed.
Singapore’s strides in cryptocurrency are most likely to trigger similar events in other countries. Most regulators have failed to establish a proper communication system with cryptocurrency stakeholders and have been skeptical of the industry. Singapore’s move will cause other regulators to gain confidence in the industry. With more regulations’ adoption of cryptocurrencies will soar to new heights creating the ‘financial system of the future’.
Since, this fairly new technology is taking the world by a storm, the popularity of blockchain training course is rising.