The hysterical speculation surrounding cryptocurrencies is damaging trust in new financial technology developments, according to the Singapore regulator.
Expressing concern about the cryptocurrency craze, Sopnendu Mohanty, the chief fintech officer at the Monetary Authority of Singapore (MAS), said he did not want speculative investing in digital currencies to «destroy the experimental value of cryptocurrency», speaking in an interview with «CNBC».
MAS is widely viewed as a friend to the fintech community having carved out a global reputation as a proactive regulator embracing the rapid changes enveloping financial services.
Never Say Never
Numerous financial technology initiatives have originated from the MAS and it underscores its commitment to progress by hosting the Singapore Fintech Festival.
Singapore has warned investors over coin schemes in the past, but the city-state's regulator doesn't write off cryptocurrencies altogether. Singapore could trial coin offerings, under certain circumstances, such as when technology that bolsters capital markets underlies the coin.
