During the World Economic Forum, Singapore Senior Minister Tharman Shanmugaratnam clarified his views on cryptocurrency regulation, giving insight into Singapore’s regulatory stance, which differs from other jurisdictions.
He said there was no question about the need to regulate crypto for money laundering, but beyond that, his preference is to educate consumers so they understand that it is a risky, unregulated space. And if someone wants to invest, they do so at their own risk and expense.
The Minister, who is also the Chairman of the Monetary Authority of Singapore (MAS), believes if you start to regulate crypto in a similar way to banks or insurance companies, that may not be the right path. “I think we’ve got to take a step back and ask the basic philosophical question: does that legitimize something that’s inherently, purely speculative and, in fact, slightly crazy?” said Shanmugaratnam. “Or are we better off just providing ultra clarity as to what’s an unregulated market?”
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