In a recent episode of the Blockcast podcast, Hagen Rooke, a partner at Gibson Dunn, provided insights into Singapore’s new cryptocurrency regulations. The Monetary Authority of Singapore (MAS) has introduced rules requiring local crypto firms targeting overseas markets to cease operations or face fines up to $200,000.
Rooke addressed concerns about the impact of these regulations on Singapore’s crypto industry. He reassured listeners that the changes are not meant to signal an end to crypto activities in Singapore. Instead, he described them as incremental adjustments that would likely affect only a limited number of service providers.
Acknowledging some apprehension caused by the communication of these rules, Rooke noted that they were expected and had been under consideration since 2020. He emphasized the importance of regulation in fostering innovation within the industry: “You can have innovation with good regulation,” he stated. “Many in the industry want a stringent, gold-standard of regulation.”
The discussion highlights ongoing efforts to balance regulatory oversight with industry growth and innovation in Singapore’s evolving cryptocurrency landscape.