Singapore’s Deputy Prime Minister Heng Swee Keat said cryptocurrency has the potential to transform the future of finance, but warned that crypto assets are currently a “highly risky space”. At the Asia Tech x Singapore 2022 Summit, Heng underscored the need to continue to adapt existing rules to ensure that regulation remains facilitative of innovation and yet address the key risks that crypto assets pose. He also added that Singapore remains keen to work with blockchain and digital asset players to encourage innovation and build up trust in the sector. The Monetary Authority of Singapore has consistently warned the public against trading in cryptocurrencies.
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