On the one hand, global financial regulators are struggling to handle crypto assets. On the other, Singapore is aiming to become the world’s main business hub for crypto-related activities.
The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, had an interview with Bloomberg on Nov. 2. During which he talked about this news and mentioned that they have no intention of banning or clamping down on these things. MAS is the regulatory body of the financial sector in Singapore. According to Menon, it is currently developing concrete regulations to let businesses perform crypto activities safely.
The country’s early entrance to this area allowed it to comprehend crypto’s potential benefits and risks. These crypto activities are an investment for the future, which is not exactly clear at this point, but will be great, he added.
Doubtlessly, Singapore is already notable as a global wealth hub. Therefore they want to enhance their security measures to counter risks, including illicit flows.
Ravi Menon said that Singapore aims to understand blockchain, smart contracts, develop crypto technology. As a result, they will be prepared for the Web 3.0 world, i.e., third-generation online services.
Many financial and geopolitical factors have contributed to Singapore’s expansion of cryptocurrency activities. Additionally, China’s crypto ban offered another major opportunity for them as they welcomed all crypto investors, exchanges, and businesses.