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.”
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
