The head of Singapore’s central bank, Ravi Menon, managing director of the Monetary Authority of Singapore spoke in an interview.
The MAS is setting regulations in place encouraging crypto firms to operate in the country:
- “We think the best approach is not to clamp down or ban these things”
- firms that can meet requirements can operate in Singapore
- “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.”