– Sopnendu Mohanty, chief FinTech officer with Singapores regulator, is praising the leadership of some big crypto firms saying several leaders like Binance and Crypto.com are fully committed to building a sustainable system to solve problems, Bloomberg reported Saturday (June 25).
– In a LinkedIn post, he said the CEOs of these companies are identifying real-economy opportunities.
– Mohanty, an official with the Monetary Authority of Singapore, said the CEOs’ commitment to building a responsible and compliant industry is “heartening.”
– This came a few days after hed said the country is brutal and unrelentingly hard on bad behavior in the crypto industry.
– Mohanty, who was speaking about his thoughts on the Point Zero Forum in Switzerland, spoke as the digital currency market was falling, with a big selloff in assets and the collapse of the TerraUSD and Luna tokens, along with firms like Celsius and Babel Finance freezing withdrawals.
– There has also been a big drop in the value of cryptocurrencies after topping $3 trillion in November, it has now dropped to $991 billion, CoinGecko data said.
– Mohanty has also recently questioned the value of private cryptocurrencies, with regulators stepping up developing a central bank digital currency (CBDC), PYMNTS wrote.
– He said he thinks there will be a state-backed digital asset, an alternative to crypto, in the next three years.
– The report quoted him saying that while Singapore hasnt been considered friendly for crypto, he says … friendly for what? Friendly for a real economy or friendly for some unreal economy?
– Binance closed its cryptocurrency trading platform in Singapore earlier this year, and has nixed plans to get a license there due to the stricter rules.