Former MAS Chair and Finance Minister Who Referred to as Crypto “Extremely Dangerous” Elected as Singapore President
Tharman Shanmugaratnam, the previous chair of the Financial Authority of Singapore (MAS), has secured a convincing victory in Singapore’s presidential election, garnering over 70% of the vote.
Former MAS Chair and Finance Minister Elected as Singapore President
Shanmugaratnam gave up his duties as MAS chief and as speaker of the parliamentary meeting earlier than starting his presidential candidature. He presided over MAS from 2011 to 2023 and held the place of finance minister for Singapore from 2007 to 2015.
Notably, in 2021, Shanmugaratnam, in his position as MAS chair, cautioned Singapore customers in regards to the excessive volatility and danger related to crypto property as funding merchandise. Throughout his tenure, Singapore’s monetary regulator noticed the 2022 crypto market meltdown, which resulted within the demise of Singapore-based Three Arrows Capital and Terraform Labs.
Nevertheless, the regulator subsequently granted in-principle approval to Crypto.com for operations in Singapore in June 2022, together with exemptions for Bitstamp, Coinbase, and Gemini Belief.
