The central Bank of Singapore wishes to promote digital assets

Home » The central Bank of Singapore wishes to promote digital assets

Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), wants to “establish Singapore as a creative and responsible global digital asset centre.”

The central bank of Singapore aims to encourage a digital asset ecosystem while limiting cryptocurrency speculation.

The Monetary Authority of Singapore (MAS) hopes to enforce stronger protections for retail crypto investors in the country and eliminate the stigma surrounding cryptocurrencies being “heavily speculated upon” while their prices “have nothing to do with any underlying economic value”.

The central bank intends to concentrate on supporting the digital asset ecosystem that supports actual assets like real estate and carbon credits as well as intangible ones like cash and bonds, artwork, including non-fungible tokens, and financial assets like cash and bonds.

According to MAS managing director Ravi Menon, “Cryptocurrencies have taken on a life of their own outside of the distributed ledger and this is the basis of the difficulties in the crypto world.”

Due to the general market collapse and the liquidation of significant crypto firms like Three Arrows Capital (3AC) and Vauld, regulators in the nation have been stricter with cryptocurrency legislation and rules.

The demise of the aforementioned businesses serves as a warning, particularly for MAS, as the Singapore regulator had connections to both.

Newest Casinos
5.0 rating

Welcome Bonus 100% Up To 500€ + 200 Free Spins

Weekly Cashback 15%
Live Cashback 25%
3.0 rating
50% No Rules Bonus Use Code: BOUNDLESS

40% No Rules Bonus Use Code: FEARLESS
Additional: 20% with CRYPTO DEPOSITS!

333% Reload Bonus
Additional 111% with CRYPTO DEPOSITS! Use Code: ENDLESS444

500%* Bonus & 500 SPINS
Get your 500% low wagering Bonus and additional 500 FS! Use Code: 500INSTANT
3.8 rating
Welcome package Up To 500€

1st Deposit 100% up to 100€ + 50 FS

2nd Deposit 70% up to 200€

3rd Deposit 30% up to 200€ + 50 FS
5.0 rating
Receive 20% cashback up to 10,000 USDT

Welcome Boost: Win 10% extra for 10 minutes Add 10% to all winnings when you play Wanted Dead or a Wild
4.8 rating
First Deposit Bonus 100% up to €200 + 70 free spins.

Second Deposit Bonus 50% up to €150 + 70 free spins

Third Deposit Bonus 50% bonus up to €200 + 50 free spins.

Fourth Deposit Bonus 40% up to €250 + 40 free spins.

Fifth Deposit Bonus 60% up to €200 + 70 free spins