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

Other Questions People Ask

What impact did Tharman Shanmugaratnam's views on crypto have during his campaign for president?

Tharman Shanmugaratnam's characterization of cryptocurrencies as "highly risky" likely resonated with voters concerned about financial stability. His previous role as chair of the Monetary Authority of Singapore (MAS) provided him with credibility on economic matters, especially given the backdrop of significant market volatility. By emphasizing caution regarding crypto investments, he positioned himself as a responsible leader focused on safeguarding Singapore's financial future.

How did Tharman Shanmugaratnam's tenure at MAS influence his presidential election win?

Tharman Shanmugaratnam's extensive experience as chair of the Monetary Authority of Singapore (MAS) played a crucial role in his presidential campaign. His leadership during turbulent times, including the collapse of major crypto firms, showcased his ability to navigate complex financial landscapes. This experience likely contributed to voter confidence, leading to his decisive victory with over 70% of the vote.

What are the implications of Tharman Shanmugaratnam's presidency for Singapore's crypto regulation?

With Tharman Shanmugaratnam now serving as president, there may be a stronger emphasis on regulatory frameworks surrounding cryptocurrencies in Singapore. His previous warnings about the risks associated with crypto investments suggest that he may advocate for cautious and well-structured regulations. This could lead to further developments in Singapore's approach to digital assets, especially following recent changes in stablecoin regulations by MAS.

What changes occurred at MAS after Tharman Shanmugaratnam's departure?

Following Tharman Shanmugaratnam's resignation from the Monetary Authority of Singapore (MAS), the regulator introduced a revised framework for stablecoins. This move indicates a shift towards more structured oversight of digital assets in Singapore. His departure also coincided with significant legal rulings regarding cryptocurrencies, suggesting an evolving landscape that will likely continue to be shaped by his legacy.

How does Tharman Shanmugaratnam's presidency affect Singapore's diplomatic stance on crypto?

As president, Tharman Shanmugaratnam will represent Singapore in various diplomatic functions, which may influence the country's international stance on cryptocurrencies. Given his previous comments on the risks associated with crypto investments, he may advocate for a cautious approach in global discussions about digital assets. This could position Singapore as a leader in promoting responsible crypto practices while balancing innovation and risk management.