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Singapore’s Crypto Rules Must Be Strict But Clear, MAS Head Says

  • Central bank chief Menon calls licensing regime “stringent”
  • Crypto assets don’t yet pose a risk to financial system: Menon
Ravi Menon
Ravi MenonPhotographer: Wei Leng Tay/Bloomberg

The head of Singapore’s central bank defended what he called a “stringent” crypto licensing regime, citing risks to retail investors and the potential for digital assets to be used for money laundering and terrorism financing. 

Monetary Authority of Singapore Managing Director Ravi Menon, speaking at the Financial Times Crypto and Digital Asset Summit on Wednesday, also acknowledged that regulators need to provide clarity to the industry.