The Chief Fintech Officer of Singapore’s regulator (MAS) provided a cordial tone for the cryptocurrency industry. This comes barely days after claiming that the country is brutal and unrelentingly hard towards unacceptable conduct in the crypto industry.

Encouraging Statement from MAS Chief Fintech Officer
Sopnendu Mohanty, The Chief FinTech Officer of MAS, has brandished praises towards leaders of some major crypto firms. He commended several leaders of firms such as Binance, Ripple, and for their inspiring leadership. They have showcased a commitment to building a secure, sustainable, and innovative system to solve the challenges experienced.

Mohanty displayed his thoughts on a LinkedIn post by providing a summary of his thoughts from the Point Zero Forum in Switzerland. He reiterated that the CEOs of these major crypto firms are identifying real economic opportunities. The Fintech Officer of the Monetary Authority of Singapore pointed out that it is heartening to witness the clarity among the CEOs. There is a necessity to develop a responsible and compliant industry. Compliance has been the major talk of cryptocurrencies in recent months and Mohanty’s statements reflect the significant developments in the industry. He most importantly declared that the future of crypto is on the right path.

Impact on Crypto Firms Operations in Singapore and Beyond
His comments are more significant during the current run in the digital currency market to uplift and cast away doubts in the crypto industry. Singapore was amongst the first countries to embrace and support blockchain technology. The Monetary Authority has severally expressed its ambition of developing the country into a global crypto hub. The country had developed a great relationship with the crypto industry until a rift. There was a slow regulatory process for license approvals and a ban on crypto advertising. The ban on crypto advertisement, in particular, was a significant blow to the sector.

Binance is the largest crypto exchange globally. It had a strong presence in Singapore with its Chief Executive Officer Changpeng Zhao moving to reside in the country. Earlier this year, Binance closed its trading platform in Singapore and decamped to Dubai. It cancelled plans to acquire a license in Singapore due to the stringent rules in the country. It assisted its users to transition their holdings to other wallets or third-party services.

It left the company with limited operations in the country. It only has operations serving as a blockchain innovation hub. The hub has initiatives that include incubation programs, blockchain education, and investments. Its most notable investment is in Hg Exchange (HGX), a regional private securities exchange earning a post-money stake of 18%.

Get Binance

Rating: 9.36/10
Number of instruments: 641+ instruments

Description: Trade 1000’s of crypto coins at Binance, the world’s biggest crypto exchange. Try Binance now!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

Currently, Binance company is under investigation by various US financial regulators. These include the Securities and Exchange Commission(SEC), the Commodity Futures Trading Commission, the Internal Revenue Service, and the Department of Justice amongst others globally. The recent statements side with the crypto exchange firm.

Ripple is also another exchange engaged in a rift with US regulators on their XRP token. However, it has a massive influence on the international footprint. Ripple is strengthening its workforce by doubling down. Brooks Entwistle, Managing director for APAC and MENA for Ripple, announced that the company is looking to exploit its first-mover advantage by being more aggressive in hiring, growth, investments, and strategic opportunities in the next 12 months. Its current hiring projection for the remainder of this year is 300 employees. Almost half of these are to be based outside the United States.

Ripple is already present in Singapore with its partnership with Tranglo, a significant stake for Asia’s leading cross-border payments specialist. The partnership has scaled the footprint of Ripple’s global financial network, RippleNet. Ripple Net leverages blockchain technology to assist various partners on a global network to speed up their business performance and scale. It consists of a superior end customer experience, simple partner networks, liquidity management solutions, state-of-the-art infrastructure, and lines of credit to facilitate real-time payments.

Crypto Lists foresees the recent statement by the MAS Chief Fintech Officer as an indication that the Monetary Authority is mending its relationship with the cryptocurrency industry. It sets to attract the major crypto firms back into the country. It is picking up the pace on licenses and has recently issued three principal approvals, including the cryptocurrency exchange,

Mohanty’s post also expressed some restraint in full gratitude. He also cautioned on the next steps to be taken by the cryptocurrency industry for its success. He detailed that Web3.0 is a promising industry showing great potential. He calls for technological maturity in the Web3.0 space to avoid incidences of speculators and scammers that may mar the significant progress in the industry.

Nonetheless, his comments are a great boost for crypto firms such as Binance to re-establish themselves in the soon-to-be global crypto hub and benefit from its interest.

Binance Newsflash
    Binance & Mastercard Launch Bitcoin Rewards CardBinance & Mastercard Launch Bitcoin Rewards Card
    Thursday, 4 Aug 2022 8:23 pm
    With over 60% inflation and a super weak local currency, Argentina got one of the highest crypto adoption rates in the world. Now, both Binance and Mastercard are trying to take advantage of this, by offering a prepaid <...
    Read the full newsflash

    No SEC complaints after BNB´s ChangesNo SEC complaints after BNB´s Changes
    Wednesday, 3 Aug 2022 12:33 am
    Binance CEO, ChangPeng Zhao, claims that the SEC probe on whether the BNB token is a security is just the commission asking questions. Yesterday, Binance US delisted a couple of cryptocurrencies that was cited as securities by SEC, writes Read the full newsflash

Recent crypto sites
Recent crypto coins
Copyright © 2019-2022, by Crypto Lists Ltd ( Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.