The Monetary Authority of Singapore (MAS), Singapore’s Senior Minister and Chairman of the Central Bank, said:A “one regulatory system” for both cryptocurrencies and traditional finance. Furthermore, he emphasized that: Regulators need to be “very clear about what an unregulated market is.” That way, investors will be aware that they are entering the market at their own risk.
“One Regulatory System”
Tharman Shanmugaratnam, Senior Minister of Singapore and Chairman of the Monetary Authority of Singapore (MAS), Singapore’s central bank, spoke on the regulation of cryptocurrencies. panel discussion with other regulators and bankers at the World Economic Forum last week.
Shanmugaratnam previously served as Singapore’s Deputy Prime Minister and Finance Minister. He is also currently Coordinating Minister for Social Policy and Advisor to the Prime Minister on Economic Policy.
“It’s clear that things like money laundering have to be regulated, whether it’s cryptocurrencies or traditional finance, so it’s very clear,” he began.
“But beyond that, if we have to think about regulating cryptocurrencies in the same way that we regulate banks, insurance companies, etc., then for sanity and financial stability reasons, I would take a step back and ask governments. I think you have to ask, it’s a fundamental philosophical question,” the minister explained. “Does that justify something that is purely speculative in nature and actually a little bit crazy?”
Or should we just be very clear about what an unregulated market is? If you want to enter, please enter at your own risk. I lean a little more towards the latter view.
The MAS chair has made it clear that some segments of the crypto market need to be regulated, pointing to stablecoins as a potential area for oversight.
“But getting into the game of regulation, whether it’s ostrich eggs, cryptocurrencies, or anything else, is going to be a never-ending game, and I don’t know if it’s the right way to go,” he said. gave an opinion.
Emphasizing the importance of “consumer education,” he said: be stupid. i prefer that approach. ”
Minister Shanmugaratnam further elaborated: Rules. ” He concluded:
So people are very clear. There is one regulatory system for all. Also, buyers should be careful if they are outside the regulatory system.
What are your thoughts on Singapore’s Senior Minister Thaman Shanmugaratnam’s remarks? Let us know in the comments section below.
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