Singapore Regulator Advocates 'One Regulatory System' for Crypto and Traditional Finance – Regulation Bitcoin News

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Singapore's financial regulator says there should be just 'one regulatory system' for both crypto and traditional finance. cryptocurrency

Singapore’s senior minister and the chairman of the central bank, the Monetary Authority of Singapore , says there should be just “regulators should provide “ultra clarity as to what’s an unregulated market,” so investors are aware that they go in at their own risk.

“But beyond that, if you have to think about regulating crypto the same way we regulate banks, insurance companies, and so on — for prudential reasons, for financial stability reasons — I think we’ve got to take a step back and ask the basic philosophical question,” the minister explained.

The MAS chairman proceeded to clarify that some segments of the crypto market should be regulated, pointing to stablecoins as a possible area of oversight. While emphasizing that “consumer education” is important, he noted: “But also just ultra clarity — make very clear that this is a risk you are taking at your own expense, and by the way please don’t take that risk because it’s going to be foolish. I prefer that approach.”

 

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Crypto industry in perfect world should be regulated by technology itself

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Traditional finance destroyed traditional finance. Stay away from crypto and coexist

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