The Monetary Authority of Singapore's Ravi Menon reiterated the city-state's crypto ambitions but underlined that it does not include speculation.
While Singapore is seeking to tighten rules on crypto assets – including recently issued proposals on limiting retail access in areas like credit facilities and leverage – the city-state reiterated that its ambitions remain intact, especially with regard to the broader digital asset ecosystem.
«The question is often asked: does Singapore want to be a crypto asset hub?» said MAS managing director Ravi Menon during a keynote speech at the Singapore Fintech Festival today.
Use Cases
According to Menon, the real value of the crypto industry is not merely another means of wealth creation or investment diversification but rather potential use cases with socioeconomic benefits. This includes the tokenization of assets, atomic settlements, instant remittance, programmable money and trusted sustainability data.
«[I]f it is about trading and speculating in cryptocurrencies for its own sake, that is not the kind of crypto hub we want to be,» Menon said.
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