Singapore Reviewing Legislation on Crypto, Following Devastating Effects of Terra Crash.
06 Aug 2022, 08:00
Singapore Reviewing Legislation on Crypto, Following Devastating Effects of Terra Crash
Singaporean authorities are currently reviewing stablecoin legislation in the country in an attempt to better safeguard investors’ funds. This comes at a period when investors are nursing the injuries inflicted by the TerraUSD (UST) crash which saw billions in funds disappear into thin air on a global scale.
MAS chairman says the economy is not majorly affected by the recent crypto issuesIn a published reply to a series of questions posed by Mr Saktiandi Supaat – a Member of Parliament under the Bishan-Toa Payoh GRC – the Minister in charge of the Monetary Authority of Singapore (MAS), Tharman Shanmugaratnam, revealed the extent of the damage on Singaporean investors the Terra crash had, and further highlighted measures put in place to avoid a similar occurrence.
Shanmugaratnam noted that the recent debacles witnessed within the crypto space that has resulted in the loss of funds and triggered a disastrous contagion in the industry represent precisely what the central bank had been warning investors of with regards to crypto assets.