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Singapore aims to become crypto capital of the world

Singapore joins the crypto movement and aims to become the central hub for all things cryptocurrency. In an interview with Bloomberg Daybreak Asia, Monetary Authority of Singapore (MAS) managing director Ravi Menon discussed the role of Singapore in the future of cryptocurrency. 

Menon talked about how Singapore is taking further steps to welcome the use of cryptocurrency not just for personal investments but for other uses in the industry as well. He said that city-state is ‘interested in developing crypto technology, understanding blockchain, smart contracts and preparing ourselves for a Wen 3,0 world’. 

Moreover, Menon discussed the need for a good strategy in terms of handling crypto in the country. ‘We think the best approach is not to clamp down or ban these things’, he mentioned. 

Through the use of cryptocurrency-related activities and initiatives, Singaporean regulators believe that the use of crypto will soon be mainstream in the country. Proper regulation and enforcing business requirements are the key to ensuring the growth of the crypto market in Singapore. 

‘With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point’, Menon also said in his interview. 

He also talked about Singapore’s current stance in the crypto industry compared to other countries, stating, ‘Not to get into this game, I think, risks Singapore being left behind. Getting early into the game means we have a head start and better understand its potential benefits as well as its risks’. 

Singapore has a reputation for being one of the smallest countries in the world but it also has a thriving finance hub with countless businesses and initiatives. The government has always tolerated the use of cryptocurrencies and is now taking the next steps towards mainstream adoption. 

Other countries are also taking steps to adopt cryptocurrency and turn it into a mainstream investment that all citizens can access. Some examples include El Salvador supporting Bitcoin as legal tender earlier this year and Japan allowing crypto investment funds. 

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