Singapore could become a global leader in the cryptocurrency economy, according to Ravi Menon, managing director of the Monetary Authority of Singapore (MAS). “We think the best approach is not to clamp down or ban these things,” said Ravi. Instead, MAS is for stronger regulations, so that firms can meet their requirements and address the multitude of risks that can operate.
MAS Supportive of Singapore’s Part in Global Crypto Economy
Appearing in an interview with Bloomberg.com in anticipation of next week’s Singapore FinTech Festival, the managing director of Singapore’s central bank (MAS), Ravi Menon endorsed building a well-regulated crypto hub in Singapore where it could extend beyond the financial sector.
“It could help create jobs, create value-add, and I think more than the financial sector, the other sectors of the economy will potentially gain.” Menon said.
According to him, the only way forward is a careful investment into the world of cryptocurrency for a prospective future, “the shape of which is not clear at this point.” At the same time, he advocated that the country must raise its safeguards to counter risks including illicit flows.
The Plan to Become Global Crypto Hub
Singapore’s status as a cryptocurrency and blockchain hub has attracted a string of crypto firms from Binance Holding, to Gemini to set up as a regional base.
In fact, over 170 companies have applied for a MAS license, to operate under its Payment Services Act. That number has now increased to about 400 after a law came into effect in January last year. Since then, only three crypto firms have received the licenses, while two were rejected. Meanwhile, 30 firms withdrew their application after engaging with the regulator.
Among those approved is the brokerage arm of DBS Group Holdings, Singapore’s largest bank who already set up a platform for trading digital tokens while offering tokenization services.
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