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The Monetary Authority of Singapore (MAS) aims to enhance the digital asset ecosystem while limiting “speculative trading in cryptocurrencies.” This was stated by the head of the regulator,
The Monetary Authority of Singapore (MAS) aims to enhance the digital asset ecosystem while limiting “speculative trading in cryptocurrencies.” This was stated by the head of the regulator, Ravi Menon.
At the Green Exiles Seminar this morning, MAS MD Ravi Menon explained the complexity of the project. #digital asset the ecosystem and its different components and what MAS actively promotes and deters; and what are the risks MAS is trying to manage? https://t.co/6LkxiaFpZr
— MAS (@MAS_sg) 29 August 2022
“Cryptocurrencies have made a living of their own outside of a distributed ledger, and this is the source of the industry’s problems. […] Menon emphasized at the Green Shoots seminar that cryptocurrency speculation is something that MAS does not approve of and is trying to limit.
According to him, the regulator’s task is to create an innovative and responsible digital asset ecosystem in Singapore. He added that the agency views cryptocurrencies as “unusable as money and extremely dangerous for retail investors.”
“MAS sees good potential in stablecoins, provided they are securely backed by high-quality reserves and well regulated,” Menon said.
The regulator also welcomes wholesale CBDCs “especially for cross-border payments and payments.” At the same time, the head of MAS emphasized that the central bank in Singapore has not heard convincing arguments in favor of retail digital currencies.
“I hope this presentation made it clear that MAS’s encouraging rhetoric on digital asset transactions and its restrictive stance on cryptocurrency speculation are not contradictory. It is a truly synergetic and holistic approach to developing Singapore as an innovative and responsible global digital presence hub.”
In July, the agency announced tighter regulation of cryptocurrencies to limit the risks to investors. Prior to that, authorities promised to “brutally and relentlessly” fight abuses in the industry.
Recall that in August, Bloomberg sources reported that MAS sent requests to crypto companies about their activities and assets.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
