Singapore has no plans to ban cryptocurrencies, says MAS director

Singapore has no plans to ban cryptocurrencies, says MAS director

In today’s world, cryptocurrencies are a very controversial topic. This technology is so interesting and futuristic that it is gaining new followers all the time. Due to the increase in its popularity, cryptocurrencies can no longer be passed over indifferently. This is especially true for countries that have had to adopt appropriate laws and regulations on this issue. Some countries, such as El Salvador – are adapting crypto as a legal means of payment, while others – like China – are banning them altogether. In this article, we will touch on Singapore and how the Singaporean government approaches the topic of cryptocurrencies. 

MAS’ stance

MAS, or Monetary Authority of Singapore, is nothing more than the central bank of Singapore, or the highest financial institution in the city-state. In a recent interview with Bloomberg, Ravi Menon, the managing director of MAS, revealed his stance on the cryptocurrency industry and also the future of this technology.

It turns out that the managing director of MAS looks at cryptocurrencies with an extremely favorable eye. It is in this sector that he sees the future of the financial industry, and as such, he has declared that Singapore does not intend to ban the use and trading of cryptocurrencies. Ravi Menon also expressed his hopes that Singapore will become a leader in this space in the future.

Three possible scenarios

In the aforementioned interview, Ravi Menon noted that the cryptocurrency situation could unfold in three ways. The first is the possibility of a failed investment or “bubble,” a situation in which cryptocurrencies prove to be worth little. The second possibility is the introduction of great confusion in the market, while the third and also the most positive – the development of the economy and society. It is because of this third possibility that Singapore plans to remain open to the development of cryptocurrencies. 

Unlike China’s strict approach, Singapore does not plan to ban cryptocurrencies altogether. Instead, the country’s government intends to implement strong regulations so that corporations and citizens are protected when working with the asset class. 

At the same time, however, Singapore rejects the possibility of implementing cryptocurrencies as legal tender. In saying this, Ravi Menon specifically mentioned Bitcoin (BTC), claiming that it does not have the status of “real money”. So, how will Singapore go forward with the implementation of crypto regulations? We will keep you posted on this on our portal! 

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news


XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive $2.7 million…

Solana and Avalanche on the eye of investment funds

Two alternative coins, Solana (SOL) and Avalanche (AVAX), are gaining increasing interest and are successively attracting the attention of investment funds. Although bitcoin (BTC) remains the main…
All articles loaded
No more articles to load


Cryptocurrency wallets

Cryptocurrency wallets

We talked about security when trading crypto assets in an article titled “Online security“. We also mentioned how important it…
hardware wallets

Cryptocurrency hardware wallets

From the article titled “Cryptocurrency wallets” you learned about the different types of wallets. They were briefly characterized there. Let’s…
Where to buy cryptocurrency brokers

Which cryptocurrency Brokers to use

In the article “Where to Buy Cryptocurrencies (Exchanges)“, we introduced you to which exchange platforms you can purchase cryptocurrencies on.…
Trading cryptocurrencies

Trading cryptocurrency

In the cryptocurrency market, you face many opportunities to invest in cryptocurrency or buy or sell cryptocurrency. If you want…
All articles loaded
No more articles to load


All articles loaded
No more articles to load

Latest news

All articles loaded
No more articles to load