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