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Singapore Central Bank official: We can't lag behind on cryptocurrencies

While many countries in the world are seriously indecisive about cryptocurrencies and trying to prevent such assets with regulatory rules, Singapore, which has recently been seen as the center of the Far East in this sense, is preparing to take the opposite steps.


“Not getting involved in this game can risk being left behind”


Ravi Menon, director general of the country's Monetary Authority, who gave an interview to Bloomberg, said that not banning cryptocurrencies, but regulating it clearly and clearly would be a solution and they do not want to be left behind:


“Our opinion is that banning or dragging these assets down is not the best solution… Crypto-based moves are generally forward investments. Only the structure of this industry is not clear at the moment. Failure to enter this game could put Singapore at risk of being left behind. Early involvement can enable us to see and realize both the good aspects and the risks much earlier.”


“We are preparing for the world of Web 3.0”


Menon stated that they knew the risks regarding illegal activities and prepared themselves accordingly:


“We are interested in developing crypto technology, understanding blockchain and smart contracts, and preparing ourselves for a Web 3.0 world.”


“Tokenization economy is the future”


Stating that banks and other financial institutions will face many challenges in terms of decentralization, Menon said, "We want to be in a good position in 2030, when we think that there will be a tokenization economy."


“Small but high standard companies are needed”


Menon stated that MAS, which many crypto money companies, including Binance and Gemini, and some financial institutions have applied for licenses, needs high standard companies:


“We are not working to approve the application of 160 companies. It may be better to license companies that are at a high level but half that number.”


“We want to be one of the few countries in the game when the crypto economy rises”


Stating that he thinks the crypto money economy will rise in the coming period, the general director of MAS expressed that they want to be one of the most important countries when this situation occurs:


“If the cryptocurrency economy rises, when that happens, we want to be one of the top players. This may contribute to the opening of new business lines and creating value.”





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