There is no doubt that the route for financial investment and asset-building elements in the immediate future is cryptocurrency. In the race to become digitally developed, Singapore has ambitions to become a globally recognized crypto hub. The central bank, the Monetary Authority of Singapore (MAS), has indicated its intentions
Ravi Menon Envisioned a Greater Prospect for Singapore
The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon opines that banning private cryptocurrencies shouldn’t be encouraged, rather he plans to embrace it.
In a report released by Bloomberg, Ravi Menon said, “We think the best approach is not to clamp down or ban these things.”
MAS is the central financial and banking institution of Singapore. It looks after the working and regulation of all the financial agencies in the country. This institution is preparing to take up responsibilities to make a “strong regulation” for cryptocurrencies. They intend to address all the investor risks and ill-consequences, in general, to take proper steps to avoid them.
Menon also said, “With crypto-based activities, it is an investment in a prospective future, the shape of which is not definite yet.”
By introducing cryptocurrencies, the country won’t only gain media traction and fame for acknowledging the digital asset, however, it will also generate a lot of benefits.
“Getting early into that game means we can have a head start, and better understand its potential benefits as well as its risks,” said Ravi Menon.
As Singapore declared its resolutions to become one of the crypto hubs, many crypto exchange firms are seeking operational authorities. Companies like Binance Holdings Ltd – a popular crypto firm that has faced lawsuits in various countries due to incompliance with regulations – and Gemini (a U.S based crypto firm) have opted for MAS-approved licenses to set up an operational base in their country.
According to media reports, “170 companies applied for a MAS license.” Since January 2020, after the Payment Service Act came into effect, around 400 countries applied to MAS for licenses.
To such an industrial phenomenon Ravi Menon commented, “We don’t need 160 of them to set up shop here. Half of them can do so, but with very high standards, that I think is a better outcome.”
Singapore’s aim to become one of the most vibrant global crypto hubs has led to prosperous multinational firms coming and contributing to their economy. It will lead to generating more occupational opportunities.
Menon said, “If and when a crypto economy takes off in a way, we want to be one of the leading players.” he later added that, “It could help create jobs, create value-add, and I think more than the financial sector, the other sectors of the economy will potentially gain.”
Singapore has joined the list of countries- Miami, El Salvador, Dubai, Malta, and Zug in Switzerland – who have raised the bar for the global economy and embraced crypto with open arms.
- Cryptocurrency-License-Singapore: Vulcan Post