The Managing Director of Singapore's central bank - Ravi Menon - thinks crypto can be employed in criminal activities, and as such, it needs to be strictly regulated.
The Managing Director of Singapore’s central bank – Ravi Menon – thinks crypto can be employed in criminal activities, and as such, it needs to be strictly regulated.
As such, the local authorities must implement comprehensive rules on the market, providing safety and clarity to broad society. Menon stated that Singapore has the ambition to turn into a global crypto hub, but to reach that goal, the licensing process must be “stringent:” Menon explained that Singapore’s central bank is willing to find the balance between encouraging the fast-growing digital asset sector and imposing the appropriate rules on it. The executive alerted that individuals should be “familiar with money-laundering and terrorist financing risks.”That said, he thinks it is not wise for retail investors to be “dabbling in cryptocurrencies.”
At the same time, the authorities are also predominantly positive about the asset class. Several months ago, Menonthat the financial regulators have no plans to ban crypto endeavors but rather implement a “strong regulation” on them.
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