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2 Nov 2021

Singapore Reveals Interest to Become a Global Crypto Hub

The Index Today

Singapore aims to become a key cryptocurrency hub for businesses and move past the traditional boundaries of financial centers.

The country plans to introduce strong regulatory frameworks to handle crypto and ensure businesses meet all requirements. Ravi Menon, MD of the Monetary Authority of Singapore MAS stated, “We think the best approach is to not clamp down or ban these things.”

He further said, “With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point. But not to get into this game, I think risks Singapore being left behind. Getting early into that game means we can have a head start, and better understand its potential benefits as well as its risks.”

Other countries have reacted differently to crypto in the recent past. China has clamped down on crypto trading and banned the activity whereas Japan has only allowed crypto investment funds to function. The country plans to maintain its position as a global wealth hub and prevent risks. Singapore has shown much interest in crypto technology and is preparing or a web 3.0 world which includes Fintech.

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