Monetary Authority of Singapore’s chief fintech officer lauded the crypto industry’s progress thus far but warned against creating a «forced error» that could mark a premature end to a promising market.
Following the Zurich-based «Point Zero Forum» hosted by Elevandi – a company jointly established by the MAS and the Swiss Secretariat for International Finance – the Singapore regulator’s fintech chief Sopnendu Mohanty made a social media post that spoke positively about the crypto industry, particularly its leaders.
«Leaders from the crypto/token space (Binance, Crypto.com, Ripple, and others) are fully committed to building a secure and sustainable innovation solving real problems, and identifying real-economy opportunities,» Mohanty said in the post. «It is heartening to see the clarity among CEOs on the need to create a responsible and compliant industry. The future is on the right path.»
«Let's Not Create a Forced Error»
But it was not all rosy for Mohanty who also underlined the potential for failure with no shortage of opportunists in the newly emerging asset class.
«Web 3.0/crypto is a very nascent industry, but the promises have run ahead of the technology maturity, the industry is filled with speculators and scammers, and magical soundbites with clickbait headlines are filling the space,» Mohanty added. «So let's not create a forced error and throw the baby out with the bathwater.»
Singapore Market
Despite ongoing turbulence in the crypto market, Singapore continues to welcome new players with the recent issuance of three new in-principal approvals for a digital payment tokens license.
Including the new recipients – cryptocurrency exchange Crypto.com, digital currency broker Genesis and digital assets solutions firm Sparrow – MAS has issued 14 such license approvals out of a total of 196 applicants, as of end-May.
