The head of Singapore’s central bank is one of the most powerful policymakers in Asia. It’s arguably the region with the most active crypto development. Ravi Menon (59), Managing Director of Singapore’s Monetary Authority (MAS), has guided the institution towards a middle-path between Hong Kong’s favorable crypto regulations, and India’s just-banning-crypto policies.

Menon said that in the future, central bank digital currency (CBDCs) and well-regulated stablecoins, not crypto, would be a part of the financial eco system because cryptocurrency has failed to pass the test of digital money.

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Singapore still sees itself as the crypto hub of Asia, because as Menon recently explained, there are other ways to use this technology than speculation.

Menon’s team and he have made decisions in 2023 that reflect this balancing act.

The MAS proposed a comprehensive regulatory framework for crypto services providers. It ruled that retail customers should not be encouraged to speculate on cryptocurrency through financing, margin transactions, or other incentives.

It has also unveiled a regulatory framework for stablecoins and begun testing tokenization use-cases alongside major financial service firms such as JPMorgan (JPM), DBS(D05)and BNY Mellon(BK).

Menon will retire from his position as longest-serving boss of MAS on January 1, 2024 . Chia Der Jiun who was previously Permanent Secretary (Development), Singapore’s Ministry of Manpower MOM, will replace him. He leaves big boots to fill.