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 defeated governmental candidates Ng Kok Song and Tan Kin Lian to become the next president of Singapore. He will be sworn into workplace on Sept. 14, less than two weeks after the election.Tharman Shanmugaratnams presidency success statement on Sept. 2. Source: FacebookIn the lead-up to his governmental project, Shanmugaratnam resigned from his position in Singapores parliament and at the Monetary Authority of Singapore (MAS), where he worked as chair from 2011 to 2023. He was also the countrys financing minister from 2007 to 2015. Under Shanmugaratnam, Singapores financial regulator witnessed the collapse of Three Arrows Capital and Terraform Labs amidst the 2022 market crash. The president-elect reportedly when called crypto assets “highly unstable” and “extremely dangerous as investment products” in 2021 warnings to Singapore-based users in his function as MAS chair. The monetary regulator approved Crypto.com an in-principle approval to operate in the city-state in June 2022, in addition to 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 end up being the head of state in Singapore, representing the nation in diplomatic functions as part of a mainly ritualistic role. He will be replacing Halimah Yacob, who worked as president since 2017. Following Shanmugaratnams departure from MAS, the financial regulator has announced a revised regulative structure for stablecoins in Singapore as part of a public assessment introduced in 2022. In July, Singapores high court ruled that cryptocurrencies could be dealt with as personal effects akin to fiat money.Collect this article as an NFT to maintain this moment in history and show your assistance for independent journalism in the crypto space.Magazine: Real reason for Chinas war on crypto, 3AC judges humiliating mistake: Asia Express
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Other Questions People Ask
What impact did Tharman Shanmugaratnam's views on crypto have during his campaign for president?
Tharman Shanmugaratnam's characterization of crypto as "highly risky" likely resonated with voters concerned about financial stability. His previous role as chair of the Monetary Authority of Singapore (MAS) and his warnings about the dangers of crypto investments may have established him as a cautious and responsible candidate. This stance could have appealed to those prioritizing economic prudence in leadership, especially following the collapse of major crypto entities during his tenure.
How did Tharman Shanmugaratnam's presidency relate to his previous role at the Monetary Authority of Singapore?
As the former chair of the MAS, Tharman Shanmugaratnam has a deep understanding of Singapore's financial landscape, which will inform his presidency. His experience overseeing the regulatory framework for cryptocurrencies and acknowledging their risks positions him uniquely to navigate economic challenges. This background may enhance his credibility as he steps into a largely ceremonial role while representing Singapore in diplomatic matters.
What were Tharman Shanmugaratnam's contributions to Singapore's financial regulation before winning the presidential race?
Before winning the presidential race, Tharman Shanmugaratnam played a pivotal role in shaping Singapore's financial regulations as chair of the MAS from 2011 to 2023. He oversaw significant events, including the collapse of Three Arrows Capital and Terraform Labs, which highlighted the volatility in the crypto market. His leadership led to revised regulatory structures for stablecoins, reflecting his proactive approach to managing financial risks in the evolving digital asset landscape.
What does Tharman Shanmugaratnam's election mean for Singapore's approach to cryptocurrency regulation?
Tharman Shanmugaratnam's election as president may signal a continued cautious approach to cryptocurrency regulation in Singapore. Given his previous warnings about the risks associated with crypto investments, he is likely to advocate for policies that prioritize consumer protection and financial stability. His presidency could influence ongoing regulatory developments, particularly as Singapore seeks to balance innovation with safety in the financial sector.
How did public perception of cryptocurrency influence Tharman Shanmugaratnam's election outcome?
The public perception of cryptocurrency as a risky investment likely played a role in Tharman Shanmugaratnam's electoral success. His clear stance on the dangers associated with crypto assets may have garnered support from voters who value economic stability and responsible governance. By addressing these concerns head-on during his campaign, he positioned himself as a trustworthy candidate capable of navigating Singapore's complex financial landscape.