Singapore’s central bank wants to promote digital assets

Singapore’s central bank wants to promote a digital asset ecosystem all the while restricting the speculation surrounding cryptocurrencies.

The Monetary Authority of Singapore (MAS) hopes to enforce stronger protections for retail crypto investors in the country and eliminate the stigma surrounding cryptocurrencies being “heavily speculated upon” while their prices “have nothing to do with any underlying economic value”.

The central bank wants to focus on promoting the digital asset ecosystem that drives financial assets like cash and bonds, artwork including non-fungible tokens, property, real assets and intangible items like carbon credits and computing resources.

“Cryptocurrencies have taken a life of their own outside of the distributed ledger and this is the source of the crypto world’s problems”, MAS managing director Ravi Menon said.

Regulators in the country have been cracking down on crypto regulation and laws due to the overall market downturn and the liquidation of major crypto firms like Three Arrows Capital (3AC) and Vauld.

The collapse of the aforementioned companies stands as a cautionary tale, especially for MAS as the Singapore regulator had ties with both.

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Updated: 08/29/2022 — 14:00