Singapore’s New President and His Stance on Crypto
Many in the crypto industry are relieved that Tharman Shanmugaratnam has been elected as Singapore’s new president. Shanmugaratnam has been critical of cryptocurrency and digital assets in the past, which some in the industry see as a positive. As the former chairman of Singapore’s central bank, he witnessed the collapse of two major crypto companies: Terraform Labs and Three Arrows Capital. The implosion of these companies led to a significant decline in the crypto market. Shanmugaratnam’s skepticism towards broad regulation and his emphasis on anti-money laundering measures align with the concerns of many regulators. As the president, he holds a largely ceremonial role and has limited involvement in the day-to-day affairs of the country.
Key Points:
- Shanmugaratnam has been elected as Singapore’s new president with past negative attitudes towards crypto.
- During his tenure as chairman of Singapore’s central bank, two major crypto companies collapsed.
- The collapse of Terraform Labs and Three Arrows Capital led to a significant decline in the crypto market.
- Shanmugaratnam questioned whether regulation would legitimize the speculative nature of cryptocurrencies.
- As the president, he has limited involvement in the day-to-day running of the country.
Hot Take:
While some in the crypto industry may have concerns about Shanmugaratnam’s past views on cryptocurrency, his election as Singapore’s president may bring a sense of stability to the market. The emphasis on anti-money laundering measures and cautious approach to regulation align with the concerns of many regulators. As the industry continues to evolve, it will be interesting to see how Shanmugaratnam’s presidency impacts the crypto landscape in Singapore.
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