Singapore aims to be a global crypto hub

04/11/2022 17:35

Singapore wants to be a global crypto hub, but not be a centre for trading and speculating on cryptocurrencies, Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), has said.

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Illustrative image (Photo: Reuters)

Hanoi (VNA) - Singapore wants to be a global crypto hub, but not be a centre for trading and speculating on cryptocurrencies, Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), has said.

Addressing the opening ceremony at Singapore Fintech Festival 2022 on November 3, Menon affirmed that Singapore aims to be a crypto hub to experiment with programmable money, applying for particular cases or tokenising financial assets to increase efficiency and reduce financial risks.

Singapore has been tightening up regulations on cryptocurrencies after many retail investors lost much money on the trading.

The government even banned crypto advertising in public areas and on social media in January 2021, and proposed new measures to protect retail investors following the 60 billion USD collapse of Terra’s Luna.

Still, Singapore has shown its approval for blockchain technology, and implemented many projects, such as Ubin and Guardian projects to experiment with the application of various financial services./.

VNA