Singapore Authorities Urge Caution On Crypto

12th January 2022
Singapore Authorities Urge Caution On Crypto
Image Credit: Hu Chen

Singapore’s government is “closely studying” the characteristics and risks of blockchain and crypto-based technologies like decentralised finance (DeFi), NFTs and the metaverse, said Singapore’s Minister for Communications and Information S Iswaran in a response to a question posed in parliament.

“Similar to the physical world, the Government will seek to balance between promoting economic vitality, preserving social stability and protecting public security in the digital domain,” Iswaran said.

Singapore is seeking to position itself as a global crypto hub, but is also wary of the risk that emerging technologies such as cryptocurrencies can pose. Multiple cryptocurrency exchanges have relocated to Singapore in recent months, but only a handful have succeeded in obtaining a digital payment token (DPT) license from the Monetary Authority of Singapore (MAS).

“We don’t need 160 of them to set up shop here,” said Ravi Menon, the managing director of the Monetary Authority of Singapore in an October interview. “Half of them can do so, but with very high standards.”

In September 2021, Binance, the world’s largest cryptocurrency exchange, was added to the Investor Alert List of unregulated entities that may have been wrongly perceived as licensed or regulated by MAS. It has since withdrew its application for a license.

Written by Bread News Team
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