December 7, 2022

Singapore vows to become a crypto asset hub without cryptocurrency trading, speculation

TEMPO.CO, Singapore – Singapore wants to be a hub for crypto assets but does not accept cryptocurrency trading and speculation, Ravi Menon, chief executive of the Monetary Authority of Singapore (MAS), said at the Singapore Fintech Festival ( SFF) 2022 which ended on Friday Nov 4.

Menon said Singapore wanted to be a crypto hub for experimenting with programmable money, applying digital assets to use cases such as atomic settlement, and tokenizing real and financial assets to increase efficiency and reduce risks in financial transactions.

This is the third time in about three months that MAS has presented its policy position on digital assets and crypto assets.

Menon said in late August that many things of value, including financial assets like cash and bonds, real assets like artwork and property, and even intangibles like carbon credits and computing resources, can potentially be tokenized and become digital assets.

When deployed on distributed ledgers, digital assets are called crypto assets. MAS wants to make Singapore one of the most conducive and facilitative jurisdictions for digital assets. At the same time, he wants Singapore to be one of the most comprehensive countries when it comes to digital asset risk management and one of the strictest in areas such as discouraging retail investment in cryptocurrencies. currencies.

In late October, MAS released two consultation papers proposing regulatory measures to reduce the risk of harm to consumers from cryptocurrency trading and to support the development of stablecoins as a credible medium of exchange in the cryptocurrency ecosystem. digital assets.

Despite its unfavorable attitude towards retail investment in cryptocurrencies and its strict supervision, MAS does not ban cryptocurrency activities in Singapore altogether.