Monetary Authority Of Singapore Positive On Digital Asset Ecosystem Innovation.

This Article is Written with Reference from a statement from the Monetary Authority Of Singapore. Credit (https://www.mas.gov.sg/news/speeches/2022/yes-to-digital-asset-innovation-no-to-cryptocurrency-speculation).

The Monetary Authority Of Singapore released a speech earlier last month on 29 August 2022 regarding the issue of Cryptocurrencies and its focus on making Singapore an innovative and responsible digital asset Ecosystem with good Regulation. The Central bank aims to develop this by inviting key Crypto players to Singapore whilst also maintaining a strict and stringent license process for creating crypto-related services.

The Authority has taken the right steps in reducing harm to consumers as earlier in January they have restricted promotion of cryptocurrency services located in public areas including MRT stations. This action has also led to the dismantling of many "Bitcoin"ATM's located around Singapore. (Pictured Below) (Photo taken by Jason Quah) (Referenced from Straits Times Article: ( https://www.straitstimes.com/business/companies-markets/crypto-atm-operators-in-spore-cease-services-in-compliance-with-mas-new-guidelines )

The Financial Regulator aim is to balance both innovation and regulation in its goal to make Singapore a global leader in Digital Assets which it is most likely to succeed in the future.

Here at Medori, we aim to be one of the most innovative and sustainable Ecosystem's in the blockchain.