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Introduction of New Policies
According to Ravi Menon, managing director of the Monetary Authority of Singapore, the central bank of Singapore aims to encourage the ecosystem of digital assets while limiting cryptocurrency speculation (MAS). Menon insisted that his viewpoint is not at odds with anything else during his opening remarks at a Green Shoots Seminar on Monday. Announcements and the introduction of new goods and policies are made at Green Shoots sessions for the financial services industry.
After a number of well-known crypto businesses with connections to Singapore, like Three Arrows Capital and Vauld, crashed earlier this year, the MAS and other regulators in the nation have begun cracking down on the local crypto market with increased zeal.
In particular, Menon reiterated in his address on Monday that the MAS wants to improve safeguards for domestic retail cryptocurrency investors.
The Highly Speculative Currency
Despite the fact that the digital asset ecosystem uses tokenization, distributed ledger technology, and blockchain to enable anything of value to be represented in digital form and to be stored and exchanged on a ledger that keeps an immutable record of all transactions, Menon claims that cryptocurrencies are simply highly speculative and that their prices have nothing to do with any underlying economic value. The challenges in the crypto world are a result of crypto currencies having a life of their own outside of the distributed ledger, according to Menon.
Instead, the MAS is aggressively encouraging the ecosystem of digital assets, which includes the tokenization of tangible assets like real estate and artwork as well as intangible ones like carbon credits and computing power. He mentioned in the statement that he hopes this presentation has demonstrated that the MAS’s accommodating position toward digital asset operations and its restricted viewpoint toward bitcoin speculation are not at odds with one another. In reality, the development of Singapore as an innovative and ethical global hub for digital assets follows a comprehensive and synergistic strategy.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
