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.
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 theMonetary Authority of Singapore (MAS), has said.
Addressing theopening ceremony at Singapore Fintech Festival 2022 on November 3, Menon affirmed thatSingapore aims to be a crypto hub to experiment with programmable money,applying for particular cases or tokenising financial assets to increase efficiencyand reduce financial risks.
Singaporehas been tightening up regulations on cryptocurrencies after many retail investors lost much money on the trading.
The government evenbanned crypto advertising in public areas and on social media in January 2021, and proposednew measures to protect retail investors following the 60 billion USD collapse of Terra’sLuna.
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 financialservices./.
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Illustrative image (Photo: Reuters) 
