Regulators in Singapore Emphasize Long-Term Approach to AI Development
In an interview with Bloomberg, Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore, discussed the country’s approach to artificial intelligence (AI) development in light of recent troubles involving local crypto firms. Mohanty emphasized the importance of playing a long game when it comes to adopting and promoting AI, ensuring that any advancements made in this field have lasting impacts.
Singapore has seen its fair share of crises involving crypto players, including the failures of Three Arrows Capital, Vauld, and Hodlnaut. Despite this, the city-state remains a relatively crypto-friendly jurisdiction, with many global companies in the crypto and web3 space setting up bases there. The Monetary Authority of Singapore has granted licenses to crypto firms such as Coinbase and Circle, indicating its commitment to regulating these entities.
Hot Take: Singapore Takes Cautious Stance on AI and Crypto
Singapore’s regulatory approach to AI development reflects a cautious stance shaped by past experiences with troubled local crypto firms. By emphasizing the importance of playing a long game and avoiding rushing into new technologies, the country aims to prevent bad actors from taking advantage of rapid advancements. Despite being considered a relatively crypto-friendly jurisdiction, Singapore remains committed to regulating crypto firms to ensure stability and security within the industry.
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