Tharman Shanmugaratnam Ascends to Presidency in Singapore, Prioritizing Unified Financial Regulation
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Tharman Shanmugaratnam, a well-known figure and the former deputy prime minister and central bank chairman of Singapore, is about to become the country’s new president. He is famous for his strong views on regulating both cryptocurrencies and traditional finance, and he is all about simplifying things in this sector. His message is very straightforward as he believes there should be one set of rules that apply to everyone in the financial world.
Singapore Elects President Who Advocates 'One Regulatory System' for Crypto and Traditional Finance.
— Bradicoin (@Bradicoin10) September 6, 2023
He wants the finance world to be fair for everyone, whether it’s regular money or digital cash. He is making sure that there are the same rules for both. If you work in finance and don’t follow the rules, you need to be careful now because there will not be different rules for different types of money. However, the main goal is to make sure that everyone plays by the same rules and acts fairly.
A Singular Regulatory Vision
It is worth noting that Tharman Shanmugaratnam’s main goal is to simplify things. He thinks we should have the same rules for both cryptocurrency and regular money instead of separate ones. This means that everyone in finance follows the same fair rules. According to Shanmugaratnam, this approach ensures fairness across the financial sector. These rules encompass crucial aspects such as the required capital, accessibility of funds, and savings rates.
His idea is straightforward “Just one set of rules for everything.” This makes sure that nobody can find tricky ways to avoid the rules, and it ensures that everyone in finance follows the same guidelines.
Guarding Against Money Laundering
Furthermore, Shanmugaratnam recognizes the importance of closely monitoring specific aspects of the cryptocurrency market, such as stablecoins, to effectively prevent money laundering. He firmly supports the idea that all financial activities, whether in cryptocurrency or regular banking, should follow strict anti-money laundering rules.
Thereby, this indicates his strong dedication to maintaining honesty in financial matters and preventing illegal activities in the rapidly changing digital currency realm. By establishing regulations for crucial aspects of cryptocurrency, he aims to strike a fair balance between innovation and security. Therefore, the goal is to create an environment where businesses can thrive while ensuring that digital money isn’t abused for unlawful purposes.
The Skepticism Surrounding Cryptocurrency Investment
Even though he backs strong cryptocurrency regulations, Shanmugaratnam is careful when investing in cryptocurrencies himself. During a talk at the World Economic Forum, he asked if treating cryptocurrencies just like regular money might make them seem safer than they really are.
His main message is straightforward: he wants to make sure people fully understand how risky it can be to invest in cryptocurrencies. His focus is on educating individuals and ensuring they grasp the potential risks involved.
