Singapore should be a hub for digital assets but not cryptocurrency
Strict regulations on retail crypto investments will help Singapore separate the dross of market volatility, rug pulls and money laundering from the silver that lies in high value-added digital asset activities.
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
IN HIS address to a seminar on Aug 29 entitled “Yes to Digital Asset Innovation, No to Cryptocurrency Speculation”, Monetary Authority of Singapore (MAS) managing director Ravi Menon described cryptocurrencies as “highly hazardous” for retail investors and added that they needed to be more stringently regulated.
Yet, at the same time, Menon re-emphasised MAS’ aim to promote Singapore as a hub for fintech and digital asset activities.
Can Singapore be a leading fintech hub and at the same time shield its citizens from the risks associated with cryptocurrency? What is the difference between digital asset innovations and cryptocurrencies? Can we truly separate one from the other?
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Vietnam formalises new state leadership, redefining ‘four pillars’ power balance
‘Largest Singapore commercial S-Reit proxy’: analysts say buy CICT shares after Paragon acquisition
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute
