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<![CDATA[<figure class="image"><img src="https://cimg.co/news/124165/327839/singapore-president-1.jpg" srcset="https://cimg.co/news/124165/327839/responsive-images/singapore-president-1___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/124165/327839/responsive-images/singapore-president-1___media_library_original_900_600.jpg 900w, https://cimg.co/news/124165/327839/responsive-images/singapore-president-1___media_library_original_720_480.jpg 720w, https://cimg.co/news/124165/327839/responsive-images/singapore-president-1___media_library_original_600_400.jpg 600w, https://cimg.co/news/124165/327839/responsive-images/singapore-president-1___media_library_original_300_200.jpg 300w" width="1200" class="content-img" alt=""><figcaption>Source: Facebook / Samuel He</figcaption></figure>Singapore's newly elected president, Tharman Shanmugaratnam, had once called crypto &ldquo;inherently purely speculative and slightly crazy&rdquo;.&nbsp;With 70.4% of the vote, Shanmugaratnam has become <a href="https://www.channelnewsasia.com/singapore/presidential-election-tharman-elected-70-cent-landslide-win-ng-kok-song-tan-kin-lian-3740526">Singapore's 9th president</a>, succeeding Halimah Yacob, the country's first female head of state.However, to the relief of the crypto community, the President's role in Singapore is mostly ceremonial.&nbsp;<h2 id="singapores-president-served-as-chairman-of-mas-for-over-a-decade">Singapore&rsquo;s President Served as Chairman of MAS for Over a Decade</h2>Shanmugaratnam's journey in the world of finance and economics began long before his presidential tenure.&nbsp;He boasts an impressive academic background, having earned degrees from prestigious institutions such as the London School of Economics, the University of Cambridge, and Harvard University's Kennedy School of Government.&nbsp;His pivotal role as the Chairman of MAS from 2011 to 2023 coincided with his tenure as the Finance Minister of Singapore between 2007 and 2015.&nbsp;During his tenure, Singapore adopted a laissez-faire approach towards crypto, asserting that cryptocurrencies and related trading activities posed no immediate threat to the country's financial system, thus requiring no prohibition.However, Shanmugaratnam's perspective took a turn in 2023 when he characterized cryptocurrencies as "inherently purely speculative and slightly crazy," at the <a href="https://www.facebook.com/thebusinesstimes/videos/745512019939741/">World Economic Forum</a>.&nbsp;He maintained that they should remain unregulated, but authorities should offer "ultra clarity" on associated risks.&nbsp;He cautioned against wading into a never-ending game of regulating such products.<h2 id="crypto-regulations-in-singapore">Crypto Regulations in Singapore&nbsp;</h2>In November 2022, Shanmugaratnam disclosed that Singaporean banks were mandated to maintain $125 in capital against every $100 exposure to cryptocurrencies like Bitcoin and Ethereum.&nbsp;Despite these stringent requirements, the exposure of banks to cryptocurrencies accounted for less than 0.05% of total risk-weighted assets.In a nod to the potential future role of cryptocurrencies, Shanmugaratnam acknowledged in 2021 that they might extend beyond speculation and illicit finance. He envisioned a future where regulated stablecoins would play a useful role in traditional payment systems.By August 2022, Shanmugaratnam revealed that MAS was actively reconsidering its approach to regulating stablecoins, particularly in response to the collapse of terraUSD (UST), a stablecoin that lost its U.S. dollar peg earlier that year.&nbsp;In August this year, <a href="https://cryptonews.com/news/singapores-central-bank-releases-regulatory-framework-for-stablecoins.htm">MAS released a regulatory framework for stablecoins</a>, reflecting the evolving landscape of cryptocurrency regulation in Singapore.While Shanmugaratnam's presidency is largely ceremonial, his history of skepticism toward cryptocurrencies and commitment to maintaining a balanced regulatory approach will undoubtedly influence the country's policies in the realm of finance, including cryptocurrencies and central bank digital currencies.
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Singapore's New President Has a History of Disapproving Crypto

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Cryptonews.com

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