Quote from: eyci on June 14, 2013, 04:21:26 AM

Nagato,

Regarding the new verification policies, was wondering what specific regulations are you being required to comply with? Have you been in contact with MAS regarding the status of Bitcoin? And if so could you describe their stance towards it?

Would like to understand the regulatory climate better, thank you.

eyci

You can read about it http://www.mas.gov.sg/regulations-and-financial-stability/regulations-guidance-and-licensing/payment-and-settlement-systems/payment-and-settlement-systems-finality-and-netting-act-2002/~/media/MAS/Regulations%20and%20Financial%20Stability/Regulations%20Guidance%20and%20Licensing/Payment%20and%20Settlement%20Systems/PSOA%20Notices/02%20%20PSOAN02%20Revised%20Notice%20to%20Holders%20of%20SVF%20Final.ashx

From my attempts to converse with MAS, i have been explicitly told that MAS basically adopts the "We exist to screw you if you are found to be not in compliance with any regulation, if you are looking for information/help with complying with our regulations, sorry not our problem, go find your own lawyer." (Words in quotes are my language, obviously they would phrase it in a more politically correct manner)

This whole attitude of the regulator existing to punish the lack of compliance but refusing to help companies with complying with their OWN regulations just stinks especially when you consider that they are funded by our very own tax dollars. A nice analogy is paying someone to beat you up under the pretext of being your bodyguard.