Singapore Regulator: Crypto ‘Is on the Right Path’

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Sop­nen­du Mohan­ty, chief Fin­Tech offi­cer with Singapore’s reg­u­la­tor, is prais­ing the lead­er­ship of some big cryp­to firms — say­ing sev­er­al lead­ers like Binance and Crypto.com are “ful­ly com­mit­ted” to build­ing a sus­tain­able sys­tem to solve prob­lems, Bloomberg report­ed Sat­ur­day (June 25).

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

“It is heart­en­ing to see the 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 path.”

This came a few days after he’d said the coun­try is “bru­tal and unre­lent­ing­ly hard” on bad behav­ior in the cryp­to industry.

Sin­ga­pore had been an ear­ly sup­port­er of blockchain tech — and offi­cials have said they want the city to be a glob­al cryp­to hub. But there has been a rift with the indus­try fol­low­ing slow reg­u­la­to­ry process­es for license approvals and a ban on cryp­to advertising.

Mohan­ty, who was speak­ing about his thoughts on the Point Zero Forum in Switzer­land, spoke as the dig­i­tal cur­ren­cy mar­ket was falling, with a big sell­off in assets and the col­lapse of the Ter­raUSD and Luna tokens, along with firms like Cel­sius and Babel Finance freez­ing withdrawals.

There has also been a big drop in the val­ue of cryp­tocur­ren­cies — after top­ping $3 tril­lion in Novem­ber, it has now dropped to $991 bil­lion, CoinGecko data said.

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

See also: Singapore’s Chief Fin­Tech Offi­cer Ques­tions Val­ue of Pri­vate Crypto

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

The report quot­ed him say­ing that while Sin­ga­pore hasn’t been con­sid­ered friend­ly for cryp­to, he says “… friend­ly for what? Friend­ly for a real econ­o­my or friend­ly for some unre­al economy?”

Binance closed its cryp­tocur­ren­cy trad­ing plat­form in Sin­ga­pore ear­li­er this year, and has nixed plans to get a license there due to the stricter rules.

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NEW PYMNTS DATA: THE TAILORED SHOPPING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ sur­vey of 2,094 con­sumers for The Tai­lored Shop­ping Expe­ri­ence report, a col­lab­o­ra­tion with Elas­tic Path, shows where mer­chants are get­ting it right and where they need to up their game to deliv­er a cus­tomized shop­ping experience.

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