Share this article
Singapore Central Bank Chief: No Regulation for Cryptocurrencies
The chief of Singapore's central bank has indicated it will not regulate cryptocurrencies, but will stay watchful on the risks posed by the tech.
Updated Sep 13, 2021, 7:05 a.m. Published Oct 26, 2017, 8:00 a.m.
Make us preferred on Google
The chief of Singapore's central bank has indicated it will not regulate cryptocurrencies, but plans to stay watchful on the risks posed by the technology.
In an interview with Bloomberg, Ravi Menon, managing director of Monetary Authority of Singapore (MAS), said he currently sees "no basis for wanting to regulate cryptocurrencies," adding:
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"It is a known fact that cryptocurrencies are quite often abused for illicit financing purposes. And so we do want to have anti money laundering controls, countering the financing of terrorism controls in place. So those requirements apply to activity around cryptocurrency rather than the cryptocurrency itself."
According to Menon, the central bank is working on to "formalize" rules for digital currency intermediaries like exchange operators in order to curb money laundering and other criminal activities.
His comments come weeks after Tharman Shanmugaratnam, Singapore's minister for MAS, stated that the monetary authority has been monitoring activities surrounding cryptocurrencies but also has "no intention" of regulating them.
Further, in the wake of the rapid growth of initial coin offerings (ICOs), MAS clarified in August that it will regulate sales of digital tokens in Singapore, given the fact that some issuances might fall under its definition of a security.
With some notable figures in finance critical of cryptocurrencies – including JPMorgan Chase CEO Jamie Dimon, who recently said bitcoin is a "fraud" – Menon told Bloomberg he will keep an "open mind on it."
MAS image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Metplanet valued at three-month high relative to bitcoin holdings after MSCI decision
Select bitcoin treasury equities gained after MSCI removed near-term index exclusion risk.
What to know:
- Metaplanet’s multiple to net asset value (mNAV) rose to around 1.25, its highest level since before the October liquidation crisis.
- The move followed MSCI’s decision not to exclude digital asset treasury companies from its global indexes.
- Strategy (MSTR) rose around 5% in pre-market trading while price action across other bitcoin treasury companies remained relatively muted.
Top Stories
