Dec 6, 2023

Singapore has been trying to strike the right balance between regulation and innovation in crypto, but how does the country's approach compare with other regions in Asia?

Video transcript

I think, you know, generally that's kind of like a similar theme. Um I would say that, you know, globally and, and definitely in Asia Pacific um regulatory clarity is the theme and kind of centered around consumer protection. So, so we've kind of seen that in Hong Kong as well, right, where they've just rolled out their regulatory regime for virtual asset trading platforms. Um And it is, and it is actually setting about very, very high. Um In fact, I think one of the top executives said that if you want to, you know, operate a non compliant or loosely regulated virtual asset business, then this is not the place that is not the kind of crypto hub that they're trying to create. Um so, but at the same time, you know, just like Singapore, they're like initiatives experimenting in tokenization, um CBD CS and E Hong Kong dollar in collaboration with the industry, Hong Kong also issued its first tokenized Green Bond. So I think, you know, in terms of the approach, it is, it is very, very um similar. And if I may kind of, you know, draw paint a theme, I think what I like when I look across the region, um in terms of the theme of how regulators are engaging with the crypto sector, I see kind of three CS. Um One of them is not crypto. So it's about clarity where they are trying to provide regulatory clarity in terms of articulating a specific regulatory frameworks for crypto. Um But, but you know, it's not a one sided conversation, there's also a huge element of collaboration in achieving that clarity. There is a consultative feedback loop. Um And, and this kind of feeds into my third, which is calibration where the regulators are kind of listening to what the industry has to, has to say. And they're using that to calibrate their own requirements. I mean, they may not always agree, but I think it is very well known to everyone in the ecosystem that there is a kind of these feedback loops in the various Asia Pacific jurisdictions.

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