Singapore Regulator: Crypto 'Is on the Right Path'
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Singapore’s FinTech officer praises the leadership of some big crypto firms. Opnendu Mohanty said the CEOs of these companies are identifying “real-economy opportunities” He said Singapore is “brutal and unrelentingly hard” on bad behavior in the crypto industry. Mohanty has also recently questioned the value of private cryptocurrencies, with regulators stepping up developing a central bank digital currency (CBDC) He said he thinks there will be a state-backed digital asset, an alternative to crypto, in the next three years. Binance closed its cryptocurrency trading platform in Singapore earlier this year, and has nixed plans to get a license there due to the stricter rules. The value of cryptocurrencies has dropped to $991 billion. Source