When Tharman Shanmugaratnam, a senior minister in Singapore, said there were no plans to regulate NFTs on Tuesday, he meant that there were no plans to do so.
In a written answer to questions from the country’s parliament about NFTs, Tharman said that he didn’t think NFTs were good for the country.
Even though crypto-collectibles are becoming more popular in South East Asia, Tharman says that the regulatory body is taking a “tech-neutral” stance on non-fungible tokens, even though crypto-collectibles are becoming more popular. A lot of businesses in Singapore were already working on projects related to crypto collectibles and the metaverse back in January, but now there are even more. When Tharman Shanmugaratnam, a senior minister in Singapore, said there were no plans to regulate NFTs on Tuesday, he meant that there were no plans to do so.
In a written answer to questions from the country’s parliament about NFTs, Tharman said that he didn’t think NFTs were good for the country.
Even though crypto-collectibles are becoming more popular in South East Asia, Tharman says that the regulatory body is taking a “tech-neutral” stance on non-fungible tokens, even though crypto-collectibles are becoming more popular. A lot of businesses in Singapore were already working on projects related to crypto collectibles and the metaverse back in January, but now there are even more.
In the past, regulators have warned about the risks of investing in NFTs. Tharman said that it is not in the job of the Malaysian Securities and Futures Commission (MAS) to keep an eye on everything people choose to invest in.
The senior minister, on the other hand, said that MAS’s position on NFTs could change. According to Tharman, things like fractional NFTs might need to be regulated by the MAS.
As with other collective investment schemes, if an NFT is set up to represent rights to a portfolio of publicly traded stocks, it will have to be registered and follow certain rules.
There are now stricter rules in Singapore that MAS is starting to enforce. In January, the regulator put out rules that told businesses to limit the scope of their crypto-related ads.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
