Singapore Elects Crypto-Aware Tharman as the New President
In a resounding victory, Tharman Shanmugaratnam, former chair of the Monetary Authority of Singapore (MAS), has clinched the presidency of Singapore with a commanding 70% of the vote. His triumph over rival candidates Ng Kok Song and Tan Kin Lian solidifies his position as the country’s next head of state. Shanmugaratnam is set to take office on September 14, marking a swift transition following his election on September 2.
Shanmugaratnam’s career trajectory encompasses significant roles in Singapore’s government and financial sector. His tenure as the finance minister and the head of MAS demonstrates his deep-rooted engagement with economic policies and financial regulations. His leadership at MAS during the challenging times of the 2022 market crash, marked by the fall of Three Arrows Capital and Terraform Labs, showcased his ability to navigate turbulent waters.
The president-elect has left a notable imprint on the cryptocurrency landscape as well. While serving as the chair of MAS, Shanmugaratnam expressed concerns about the inherent volatility and risks associated with crypto assets, referring to them as “highly volatile” and “highly risky as investment products.” These cautious statements in 2021 reflected his commitment to safeguarding Singapore-based users from potential pitfalls in the crypto market.
Interestingly, MAS’s subsequent actions displayed a nuanced approach to crypto regulation. The regulatory body granted Crypto.com the green light to operate in Singapore. It provided exemptions for industry giants like Bitstamp, Coinbase, and Gemini Trust, underscoring an effort to balance fostering innovation and managing risks.
Shanmugaratnam’s new role as Singapore’s president comes with a ceremonial aspect, representing the nation in diplomatic endeavours. This transition in leadership follows the tenure of Halimah Yacob, who served as president since 2017.
As Shanmugaratnam assumes his presidential duties, his departure from MAS has also heralded changes within the regulatory landscape. The financial authority has introduced a revised regulatory framework for stablecoins, illustrating the government’s commitment to addressing emerging challenges in the digital finance realm. Furthermore, Singapore’s high court’s recognition of cryptocurrencies as personal property akin to fiat money signifies an evolving legal stance on these innovative assets.
With his diverse experiences in finance, governance, and crypto matters, Shanmugaratnam steps into his new role as a leader who acknowledges the complexities of a rapidly changing financial landscape. As he embarks on his presidential journey, his capacity to adapt and make informed decisions will be closely watched in Singapore and the global financial community.
