A former head of the Financial Services Regulatory Authority at Abu Dhabi Global Market has joined the advisory board of industry advocate Blockchain Association Singapore (BAS).
- The appointment of Richard Teng comes at a time when the country's institutional interest, innovation and tightening regulations are increasing, the association said in a press release Monday.
- Teng, who has become a member of the board, brings a wealth of experience from the financial and fintech sectors across multiple countries.
- "Singapore is a jurisdiction that has strict regulations with clear and transparent guidance on digital assets," said Chia Hock Lai, co-chairman of BAS. "Teng's experience will be a valuable asset in our journey to build a conducive ecosystem, encouraging legitimate players to discover solutions and promote best practices in a collaborative, open, and transparent manner."
- Before his time in Abu Dhabi, Teng served as Singapore Exchange's chief regulatory officer, where he oversaw policy and framework relating to trading, clearing, and settlement.
- The new member is also a former director of corporate finance of the Monetary Authority of Singapore, where he oversaw the formulation and administration of the Securities and Futures Act, according to his LinkedIn page.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.