The race is on among financial centres around the world to become the pre-eminent hub for cryptocurrencies, but the Singapore authorities have vowed to "chart their own path" and not "react to what other countries are doing".
Mr Alvinder Singh, team lead of the fintech ecosystem office at the Monetary Authority of Singapore (MAS), said yesterday that Singapore is a small nation, so any adverse outcomes in the digital asset space will have wide ramifications.
"To think that we want to be a crypto hub like some countries that have oil and all that, overnight, no. That is not our objective at all.
"It is a medium-term objective, doing it responsibly, feeling our way around the sand," added Mr Singh, who was speaking on the second and final day of the IDEG Institutional Digital Assets Summit.
His response followed a pointed question from Mr Daniel Lee, former head of business and listing at DBS Digital Exchange, who said that Singapore is losing out to competitors who have made it easier for crypto firms to operate.
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