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

Bitcoin.com

Singapore’s senior minister and the chairman of the central bank, the Monetary Authority of Singapore (MAS), says there should be just “one regulatory system” for both crypto and traditional finance. In addition, he stressed that regulators should provide “ultra clarity as to what’s an unregulated market,” so investors are aware that they go in at their own risk.

‘One Regulatory System’

Tharman Shanmugaratnam, Singapore’s senior minister who is also the chairman of the country’s central bank, the Monetary Authority of Singapore (MAS), talked about cryptocurrency regulation during a panel discussion with other regulators and bankers at the World Economic Forum last week.

How To Get Free Crypto  

Shanmugaratnam previously served as Singapore’s deputy prime minister and the minister for finance. He is also currently the coordinating minister for social policies and adviser to the prime minister on economic policies.

“Something is very clear, whether it’s crypto or traditional finance, you gotta regulate for things like money laundering. So that’s very clear,” he began.

“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. “Does that legitimize something that’s inherently purely speculative, and in fact, slightly crazy?” he said, adding:

Or are we better off just providing ultra clarity as to what’s an unregulated market and if you go in, you go in at your own risk. I lean a bit more towards the latter view.

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.

Coinbase Banner  

“But to start getting into a game of regulating, whether it’s ostrich eggs or crypto or anything else, it’s going to be a never-ending game and I’m not sure that’s the right way to go,” he opined.

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.”

Minister Shanmugaratnam further detailed: “And then if crypto or blockchain or any of the parts of that ecosystem would like to do things that traditional finance is doing, you apply exactly the same regulations to that — capital, liquidity, reserve backing — exactly the same regulations.” He concluded:

So people are very clear. There is one regulatory system for everything. And if you’re outside of the regulatory system, buyer beware.

Tags in this story

What do you think about the statements by Singapore Senior Minister Tharman Shanmugaratnam? Let us know in the comments section below.

FreeBitcoin Banner  
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read disclaimer

Go to Source
Author: Kevin Helms


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.