Monetary Authority of Singapore to release plans on becoming crypto hub

The Monetary Authority of Singapore (MAS) has announced that it will release plans next month in which it will lay out how it will regulate crypto assets, and how it will become a crypto hub for the region.

The Monetary Authority of Singapore, which acts as a regulator in the country, has put out a press release, in which it states that it will release plans next month as to how it will regulate digital assets, and how it will become a hub for crypto.

A clear regulatory structure

In the first crypto-related part of the press release, the managing director of MAS, Mr Ravi Menon, stated that contrary to press reports that some of the failing crypto players (such as Terraform Labs, Three Arrows, and Vauld) are ‘Singapore-based’, in actual fact they had “little to do with crypto-related regulation in Singapore”.

He said that Singapore was “at the forefront, with a clear licensing and regulatory framework”, and that the main focus has been to reduce money laundering and terrorist financing risks.

He reiterated what the MAS has been telling the public for years, which is that investing in cryptocurrencies was highly risky.

Becoming a crypto hub

Mr Menon then went on to explain how Singapore will employ strategies in order to become a digital asset hub.

“Next month, we will organise a dedicated Green Shoots seminar to share our strategies to develop Singapore as a digital asset hub.”

He continued:

We will explain our position on cryptocurrencies, stablecoins, blockchains, tokenisation, smart contracts, digital assets, etc. – their risks and opportunities; shortcomings and potential. We will set out how our developmental and regulatory approaches will work in harmony to achieve the vision of Singapore as an innovative and responsible digital asset hub.

The UK’s bid to become a crypto hub

The UK has also stated an interest to become a digital assets hub earlier this year. With the then Chancellor of the Exchequer Rishi Sunak very much behind the move, and now arguably the leading favourite to become the new British Prime Minister since Boris Johnson stepped down, he would be in a prime position to make sure that the UK’s bid was pushed through. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.