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.
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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?
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