Singapore Minister Sees a Place for Crypto in Asia Hub

October 28, 2021 Blockchain Industry Updates

Cryptocurrencies have a place in Singapore’s financial sector if these digital assets are regulated, according to the chairman of the nation’s central bank.

“There may be a role for crypto in future finance that extends beyond pure speculation and illicit finance,” Tharman Shanmugaratnam, the chairman of the Monetary Authority of Singapore, said Wednesday at the Asia Financial Markets Forum. Stablecoins, for example, can have a role together with traditional payment systems, though these digital assets need to be regulated for illicit finance activities including anti-money laundering, he said.