Digital assets ecosystem now similar to days of dot-com crash: MAS fintech chief

THE current state of the ecosystem for digital assets draws parallels with several factors that led to the dot-com crash in the 1990s, the Monetary Authority of Singapore’s (MAS) chief fintech officer Sopnendu Mohanty has said.

Singapore is focused on the sustainable development of the space, and wants to support projects that have a clear case for economic value, he said. However, several elements for a stable ecosystem are still lacking, given that digital assets are in their early stages of growth, he added.

“Infrastructure has just picked up, business models are still questionable – they're still evolving – and consumer adoption is still very, very fragile,” said Mohanty, likening this scenario to the days of the dot-com crash.