Tharman Shanmugaratnam, the former chair of the Monetary Authority of Singapore (MAS) who once referred to crypto assets as "highly volatile" and "highly risky," has won the presidential election in Singapore with over 70% of the vote.
Tharman Shanmugaratnam, the former chair of the Monetary Authority of Singapore (MAS), has secured victory in Singapore's presidential election with more than 70% of the vote. The election took place on September 2, and Shanmugaratnam is set to be sworn in as the next president of Singapore on September 14.
Shanmugaratnam resigned from his parliamentary and MAS positions in preparation for his presidential campaign. He previously served as the finance minister of Singapore from 2007 to 2015. During his tenure as MAS chair, the regulator faced challenges, including the collapse of Three Arrows Capital and Terraform Labs amid the 2022 market crash.
In 2021, Shanmugaratnam issued warnings about crypto assets, describing them as "highly volatile" and "highly risky as investment products." However, under his leadership, MAS granted in-principle approval for Crypto.com to operate in Singapore in June 2022 and provided exemptions for Bitstamp, Coinbase, and Gemini Trust.
As president, Shanmugaratnam will assume the ceremonial role of head of state in Singapore, representing the nation in diplomatic functions. He will succeed Halimah Yacob, who has served as president since 2017.
Following Shanmugaratnam's departure from MAS, the regulator introduced a revised regulatory framework for stablecoins in Singapore, initiating a public consultation in 2022. Additionally, in July, Singapore's high court ruled that cryptocurrencies could be treated as personal property similar to fiat money.
(TURNER WRIGHT, CoinTelegraph, 2023)