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Singapore Regulator Advocates ‘One Regulatory System’ for Crypto and Traditional Finance

Singapore Regulator Advocates ‘One Regulatory System’ for Crypto and Traditional FinanceSingapore’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 […]

Singapore Regulator Advocates ‘One Regulatory System’ for Crypto and Traditional Finance

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.

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.

“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.

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

Source: Regulation Archives – Bitcoin News

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Altcoins

Breaking News: Yuga Labs Founder Steps Down for Health Reasons

NFT Entrepreneur and Yuga Labs founder Wylie Aronow, creator of Bored Ape Yacht Club and CryptoPunks, Takes Time Off for Health.

NFT Entrepreneur and Yuga Labs founder Wylie Aronow, creator of Bored Ape Yacht Club and CryptoPunks, Takes Time Off for Health after CHF Diagnosis.

Yuga Labs Founder Steps Down 

Wylie Aronow, one of the co-founders of Yuga Labs, recently announced that he will be taking a leave of absence from the company due to health reasons. In a tweet, he shared that he had been diagnosed with congestive heart failure. Aronow, who is also known by his pseudonym Gordon Goner, stated that the symptoms started last year and that he had delayed seeking medical attention so he could continue working. However, after undergoing testing, his doctor advised him to make significant changes to his lifestyle.

Aronow announced his departure from his role at Yuga Labs to focus on his health. In a statement, he stated that he would be taking a leave of absence to prioritize his well-being. Although he will no longer have a full-time position at the company, Aronow will continue to serve as a Board Member and Strategic Advisor, though the extent of his involvement in these capacities was not specified.

In a tweet, Aronow explained his departure. He stated that his chronic illness consumed most of his twenties and that he overexerted himself at Yuga Labs, working 12 hours daily. He regrets not finding balance, despite advice from those around him. Aronow’s priority now is to seek medical treatment and focus on healing.

Yuga Labs, with Aronow, gained recognition in early 2021. Aronow and co-founders Greg Solano (Gargamel), Zeshan (Sass), and Kerem (Tomato Ketchup) launched the Bored Ape Yacht Club (BAYC) NFT collection on April 23, 2021. The collection became a massive success. Although the NFTs were initially priced at .08 ETH per ape (around $190), they soon sold for over $100,000 on secondary markets.

Wylie remains a board member and advisor at Yuga Labs. In a Twitter thread, he expressed his confidence in Yuga’s future and the leadership of @cryptogarga. The addition of Daniel Alegre, soon-to-be former President and COO of Activision, further strengthens his positive outlook. Wylie also has a bright future ahead for his brand.

Source: Altcoin

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