Ravi Menon, head of the Monetary Authority of Singapore (the country’s central bank), said the country’s crypto regulations would include a “rigorous” licensing process, which he believes could transform the city into a digital asset hub. world-class
Despite its rapidly increasing popularity over the years, But the cryptocurrency sector remains a risky area for retail investors. That’s what Ravi Menon – Managing Director of MAS – cautioned in theinterviewMost recently, he warned that bitcoin and altcoins could be used for money laundering and terrorist financing.
For this reason, local authorities must adopt comprehensive rules on the market. In order to provide security and clarity to the wider society, Menon said Singapore had ambitions to become a global Crypto hub, but to achieve that goal. The licensing process must be “rigorous”.
Menon explained that Singapore’s central bank Willing to find a balance between supporting the fast growing digital asset sector and making the right rules. The management warned that people should “Familiar with money laundering and terrorist financing risks.”
On the other hand, he is of the opinion that bitcoin and altcoins pose no threat to the country’s financial network.
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