Speech by MAS Managing Director Ravi Menon, "Yes to Digital Asset Innovation, No to Cryptocurrency Speculation", given at the Green Shoots Seminar on 29 August 2022.
Menon talked about a number of key areas including Singapore's strategy to develop a digital asset ecosystem. He said MAS is taking a four-pronged approach to building the digital asset ecosystem:
- first, explore the potential of distributed ledger technology in promising use cases;
- second, support the tokenisation of financial and real economy assets;
- third, enable digital currency connectivity; and
- fourth, anchor players with strong value propositions and risk management.
He also discussed the five areas of risk in digital assets that MAS’ regulatory approach is focused on:
- first, combat money laundering and terrorist financing risks;
- second, manage technology and cyber related risks;
- third, safeguard against harm to retail investors;
- fourth, uphold the promise of stability in stablecoins; and
- fifth, mitigate potential financial stability risks.