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Singapore's crypto rules must be strict but clear: MAS chief

Bloomberg
Bloomberg4/28/2022 12:4 PM GMT+08  • 2 min read
Singapore's crypto rules must be strict but clear: MAS chief
Ravi Menon, managing director at MAS. Photo: Bloomberg
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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.

“The licensing process is stringent,” Menon said. “And it needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities.”

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