Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), emphasized that Singapore is focused on strengthening its position as the world’s number one blockchain hub.
According to the news by Bloomberg Crypto, Menon stated that banning crypto is not a good option for the country.
Menin, managing director of MAS, emphasizes that rather than applying pressure like China, Singapore will increase their security to combat crypto-related risks.
As part of this strategy, MAS will continue to advocate for certain standard requirements for crypto businesses seeking licensing.
The country has an extremely strict licensing policy. Although hundreds of applications were made in 2020-2021, only three companies managed to be licensed by MAS.
The Importance of Crypto in the Local Economy
Menon highlighted the importance of adopting some cryptoassets in Singapore. According to him, the crypto segment creates jobs and added value. This is efficient for the entire economic sector.
However, Singapore restricted Binance on September 2, 2021 due to problems with its KYC policy. The company had to remove the CEX and SGD trading pairs.