Singapore vows to become crypto asset hub without cryptocurrency trading and speculations

An attendee interacts with NCS Pte's Cruzr robot during the Singapore FinTech Festival in Singapore, on Thursday, Nov. 3, 2022. - Bloomberg

SINGAPORE, Nov 6 (Xinhua): Singapore wants to be a crypto asset hub but does not accept trading and speculations in cryptocurrencies, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), at the Singapore Fintech Festival (SFF) 2022 which concluded on Friday.

Menon said Singapore wants to be a crypto hub for experimenting with programable money, applying digital assets for use cases like atomic settlement, and tokenizing real and financial assets to increase efficiency and reduce risks in financial transactions.