Singaporian regulatory authority supports a regulatory system” for crypto and traditional finance - regulation
Singaporian regulatory authority supports a regulatory system” for crypto and traditional finance - regulation
Singapore of high-ranking ministers and chairman of the central bank, the Monetary Authority of Singapore (MAS), says that it should only be " a regulatory system" for both crypto and traditional finance. is un -regulated market ”, so that investors are aware that they will start at their own risk.
"a regulatory system"
Tharman Shanmugaratnam, Singapore of a high -ranking minister, which is also the chairman of the Central Bank of the State, the Monetary Authority of Singapore (MAS), spoke during an event about the regulation of cryptocurrencies Podium discussion with other supervisory authorities and bankers last week at the World Economic Forum.
Shanmugaratnam was previously deputy prime minister Singapore and finance minister. He is currently the coordinating Minister of Social Policy and Advisor of the Prime Minister for Economic Policy.
"Something is very clear whether it is crypto or traditional finances, they have to regulate things like money laundering. So that is very clear," he started.
"But even if you have to think about regulating crypto as well as we regulate banks, insurance companies and so on - for reasons of financial stability - we have to take a step back for reasons of financial stability and the questions of fundamental philosophical question," said the minister. "Is that legitimizing something that is naturally purely speculative and actually slightly crazy?" he said and added:
or we are better off to be just ultra -clear what an unregulated market is, and when you go in, you will do so at your own risk. I tend a little more to the latter view.
The MAS chairman also made it clear that some segments of the cryptoma market should be regulated, and pointed out stable coins as possible supervisory area.
"But to get involved in a regulatory game, be it an ostrich or crypto or anything else, it will be an endless game and I am not sure whether this is the right way," he said.
While he emphasized that "consumer education" was important, he noticed: "But only ultra -clear - make it very clear that you take this risk at your own expense, and please do not take this risk because it is stupid. I prefer this approach."
Minister Shanmugaratnam continued: "And if crypto or blockchain or any of the parts of this ecosystem want to do things that do traditional finance, apply exactly the same regulations - capital, liquidity, reserve cover - exactly the same." He closed:
So people are very clear. There is a regulatory system for everything. And if you are outside the regulatory system, you should be careful as a buyer.
What do you think of the statements of the Singapore Seniorin Minister, Tharman Shanmugaratnam? Let us know in the comment area below.
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