Ravi Menon: “Singapore wants to become a center for crypto innovation, but not speculation”

The managing director of the Singapore Monetary Authority (MAS) said the region would like to become a digital asset hub.

Ravi Menon, during the days of the FinTech Festival in Singapore, talked about the fact that there are many interesting directions in the cryptocurrency industry:

“If by the words about the center of cryptocurrencies you mean experiments with programmable money, the use of digital assets in real life, the tokenization of assets to increase efficiency and reduce risks, then yes, we want to become such an innovation center. But if we are talking about trading and speculation in cryptocurrencies, then this is not our case.”

The Managing Director of MAS recalled that most recently, the local bank DBS began testing trading in tokenized securities as part of the Guardian project. The project has become a confirmation of the effectiveness of using the blockchain and tokenized assets to reduce risks in the execution of transactions:

“Such projects seek to increase the efficiency of product chains, reduce production and maintenance costs, and make the process more transparent and accessible. The Guardian can pave the way for the next evolution of financial markets in Singapore.”

Interest in asset tokenization is constantly growing. According to a recent survey by BNY Mellon, Singapore leads the way in this area along with Hong Kong.