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Singapore's New President, Tharman Shanmugaratnam, Brings Ambivalent Crypto Stance to Office
Singapore's newly elected president, Tharman Shanmugaratnam, is poised to lead the country with an ambivalent stance on cryptocurrency and its regulation. Shanmugaratnam, who previously served as Singapore's finance minister and central bank chair, has expressed skepticism about the crypto market, even as Singapore has emerged as a crypto hub.
Key Points:
Past Skepticism: In his previous roles, Shanmugaratnam referred to cryptocurrencies as "purely speculative" and "slightly crazy." While he advocated for clarity on risks rather than outright bans, he expressed reservations about the crypto industry's speculative nature.
Crypto Sector Challenges: During Shanmugaratnam's tenure as central bank chair, Singapore witnessed the collapse of local crypto players, including Terraform Labs and Three Arrows Capital. These events raise questions about his approach to crypto regulation and oversight.
Mixed Approach: Shanmugaratnam's track record includes both hands-off comments, indicating that crypto didn't pose a systemic threat, and support for stringent bank capital requirements for crypto assets. His stance reflects Singapore's evolving approach to crypto regulation.
Complex Crypto Landscape: Singapore has gone through various phases in its crypto journey, from early adoption to recent regulatory tightening. The country continues to seek a balanced approach to crypto regulation.
Uncertain Influence: While the president's role in Singapore holds limited governmental power, Shanmugaratnam's past statements and actions regarding crypto leave uncertainty about his influence on the industry during his presidency.
As Singapore grapples with finding the right regulatory balance for the crypto sector, observers will closely monitor whether President Shanmugaratnam maintains his earlier positions or advocates for stricter controls and oversight.
