Singapore Regulator: Crypto ‘Is On The Right Track’

Sopnendu Mohanty, FinTech director at the Singapore regulator, praises the leadership of some big crypto firms – saying several leaders like Binance and Crypto.com are “fully committed” to building a sustainable system to fix the problems, Bloomberg reported on Saturday 25 June. .

In a post on LinkedIn, he said the CEOs of these companies are identifying “real economy opportunities.”

“It is encouraging to see clarity among CEOs on the need to create a responsible and compliant industry,” said Mohanty, an official with the Monetary Authority of Singapore. “The future is on the right track.”

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It came days after he said the country was being “brutal and relentlessly tough” on bad behavior in the crypto industry.

Singapore was an early proponent of blockchain technology – and officials have said they want the city to become a global crypto hub. But there has been a rift with the industry over slow regulatory licensing approval processes and a ban on crypto advertising.

Mohanty, who was talking about his thoughts on the Point Zero Forum in Switzerland, spoke as the digital currency market was down, with strong asset selling and the collapse of TerraUSD and Luna tokens, as well as companies like Celsius and Babel Finance freezing withdrawals.

There has also been a sharp decline in the value of cryptocurrencies – after surpassing $3 trillion in November, it has now fallen to $991 billion, according to data from CoinGecko.

Mohanty has also recently questioned the value of private cryptocurrencies, with regulators stepping up development of a central bank digital currency (CBDC), PYMNTS wrote.

See also: Singapore’s Fintech Director Questions the Value of Private Crypto

He said he believes there will be a state-backed digital asset, an alternative to crypto, within the next three years.

The report quotes him saying that although Singapore was not considered crypto friendly, he says “…friendly for what? Friend for a real economy or friend for an unreal economy? »

Binance shut down its cryptocurrency trading platform in Singapore earlier this year and canceled plans to obtain a license there due to stricter rules.

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Singapore Regulator: Crypto ‘Is On The Right Track’


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