As originally published in Bloomberg, Singapore is seeking to cement itself as a key player for cryptocurrency-related businesses as financial centers around the world grapple with approaches to handle one of the fastest growing areas of finance.
“We think the best approach is not to clamp down or ban these things,” said Ravi Menon, managing director of the Monetary Authority of Singapore, which regulates banks and financial firms. “Instead, MAS is putting in place “strong regulation,” so firms that meet its requirements and address the multitude of risks can operate,” he said in an interview.
The stakes are high for the small island nation, which has already earned a reputation as a global wealth hub. “Singapore must raise its safeguards to counter risks including illicit flows,” Menon said. The city state is interested in developing crypto technology, understanding blockchain, smart contracts and preparing ourselves for a Web 3.0 world, referring to the third generation of online services, which will be a key theme during the Singapore Fintech Festival.
