Singapore could become a global crypto hub thanks to the new stringent rules as the MAS noted in its reports so let’s read more today in our latest cryptocurrency news.
The Managing Director of the Singapore Central Bank Ravi Menon believes that crypto can be employed in criminal activity and has to be strictly regulated. Menon said that the nation’s crypto regulations will include strict regulation and licensing processes and thinks that these rules can reshape the city as a glboal digital asset hub. Despite the growing popularity in the past few years, the crypto sector remains a risky field for retail investors which is what Menon warned in the recent interview. He cautioned that BTC and other altcoins can be used for money laundering and terrorism financing.
The local authorities have to implement comprehensive rules on the market and provided safety to the society. Menon even stated that Singapore has the ambition to turn into a global crypto hub and the licensing process has to be stringent:
“And it needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities.”
Singapore could become a global crypto hub as Menon explained and the central bank is willing to find the balance between the fast-growing digital asset sector and impose the rules for it. The executive alerted that individuals should be familiar with money laundering and said that it is now wise for retail investors to dabble in crypto. On the other hand, he said that BTC and the other altcoins don’t pose a threat to the nation’s financial network. The city-state is one of the most high-tech advanced countries and it is no wonder that digital assets are popular among its residents.
The authorities are also positive about the asset class and a few months ago, Menon asserted that the regulators have no plans to ban crypto endeavors but implement a strogn regulation on them. He rejected the possibility of BTC becoming a legal tender in Singapore and the executive added that the investors should not deal with it because of the enhanced volatility especially if they don’t have any experience:
“If you want to treat it as an investment asset, you’d better know what you are doing, it is not for the fainthearted because of the volatility.”