The head of fintech at the Monetary Authority of Singapore (MAS) took the opportunity to warn traders to be careful with digital assets.
Speaking at the opening ceremony of the office of the custodial service Cobo, Sopnendu Mohanty (Sopnendu Mohanty) said that Singapore is not a place for cryptocurrency speculation, and promised to stop them in the most severe way. Mohanty also spoke at the Token2049 conference, expressing dissatisfaction with advertising on cryptocurrency stands:
“Look at the advertisements for cryptocurrency companies. They have bold slogans, but none of them contain a disclaimer about potential risks. But you need to work on raising the awareness of users of cryptocurrencies. Therefore, we will not tire of warning that this asset class is not suitable for retail investors.”
However, some of Mohanty’s comments sounded optimistic. He said that Singapore will encourage the legitimate use of digital assets, blockchain, artificial intelligence (AI) and other emerging technologies. According to a MAS employee, the number of intellectual property claims registered on the blockchain has increased 10 times. This means that talented minds are going to change the future by focusing specifically on the digital industry, the official concluded.
His statements, including past ones, echo the concerns expressed in August by MAS Managing Director Ravi Menon. According to the managing director, cryptocurrencies are very dangerous for retail investors, and therefore unsuitable for use as a tool for settlements and payments. It is for this reason that MAS is forced to tighten supervision over the cryptocurrency industry, while simultaneously supporting the development of the blockchain.
Source: Bits
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