Ethereum co-founder warns against Singapore’s crypto regulations

Please fol­low and like us:
Pin Share

Singapore’s ambi­tion to become a hub for dig­i­tal assets might not work out because of its skep­ti­cal approach toward cryp­tocur­ren­cies, Vita­lik Buterin, co-founder of the Ethereum blockchain plat­form, said. 

The city-state’s “will­ing­ness to make a dis­tinc­tion between blockchain usage and cryp­tocur­ren­cy is like one of those weird things,” he said in a video inter­view with The Straits Times, pub­lished on Sun­day. “The real­i­ty is if you don’t have cryp­tocur­ren­cy, blockchains that you’re going to have are just fake and nobody’s going to care about them.” 

Sin­ga­pore is seek­ing to clamp down on retail-investor access to cryp­to trad­ing to reduce risks to con­sumers from the market’s volatil­i­ty. Last month, it unveiled pro­pos­als to restrict con­sumers’ par­tic­i­pa­tion in dig­i­tal assets, includ­ing ban­ning small investors from bor­row­ing to fund coin purchases. 

Its moves have pro­voked con­cerns from oth­ers includ­ing Coin­base Glob­al Inc.’s Chief Exec­u­tive Offi­cer Bri­an Arm­strong, who ear­li­er this month said Singapore’s pro­posed curbs on retail cryp­to trad­ing was “incom­pat­i­ble” with its desire to become a hub for the so-called web3 industry. 

© 2022 Bloomberg

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *