Former MAS chair who called crypto ‘highly risky’ wins Singapore’s presidential race

Tharman Shanmugaratnam, previous chair of the Monetary Authority of Singapore, has actually won the election for the city-states presidency with more than 70% of the vote.According to multiple reports from Sept. 2, Shanmugaratnam beat governmental candidates Ng Kok Song and Tan Kin Lian to end up being the next president of Singapore with approximately 70.4% of votes. He will be sworn into workplace on Sept. 14– less than 2 weeks after the election.Tharman Shanmugaratnams presidency success statement on Sept. 2. Source: FacebookIn the lead-up to his governmental campaign, Shanmugaratnam resigned from his position in Singapores parliament and at the Monetary Authority of Singapore (MAS), where he functioned as chair from 2011 to 2023. He was also the countrys financing minister from 2007 to 2015. Under Shanmugaratnam, Singapores monetary regulator saw the collapse of Three Arrows Capital and Terraform Labs amid the 2022 market crash.The president-elect apparently once called crypto properties “extremely unpredictable” and “highly dangerous as financial investment items” in 2021 cautions to Singapore-based users in his role as MAS chair. The monetary regulator given Crypto.com an in-principle approval to run in the city-state in June 2022, as well as exemptions for Bitstamp, Coinbase, and Gemini Trust.Related: Singapore to require crypto companies to put user assets into trusts by year-endShanmugaratnam, as president, will become the president in Singapore, representing the country in diplomatic functions as part of a mainly ceremonial function. He will be changing Halimah Yacob, who worked as president since 2017. Following Shanmugaratnams departure from MAS, the financial regulator has revealed a revised regulative framework for stablecoins in Singapore as part of a public assessment launched in 2022. In July, Singapores high court ruled that cryptocurrencies might be treated as individual home comparable to fiat money.Magazine: Real factor for Chinas war on crypto, 3AC judges awkward mistake: Asia Express