Former MAS chair who called crypto 'highly risky' wins Singapore's presidential race

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Former MAS chair who called crypto 'highly risky' wins Singapore's presidential race
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Winning an election with more than 70% of votes, Tharman Shanmugaratnam will assume the largely ceremonial role as Singapore's president starting on Sept. 14.

Tharman Shanmugaratnam, former chair of the Monetary Authority of Singapore, has won the election for the city-state’s presidency with more than 70% of the vote.presidential candidates Ng Kok Song and Tan Kin Lian to become the next president of Singapore with roughly 70.4% of votes. He will be sworn into office on Sept. 14 — less than two weeks after the election.

“highly volatile” and “highly risky as investment products” in 2021 warnings to Singapore-based users in his role as MAS chair. The financial regulator granted Crypto.com an in-principle approval to operate in the city-state in June 2022, as well as exemptions for Bitstamp, Coinbase, and Gemini Trust.Shanmugaratnam, as president, will become the head of state in Singapore, representing the country in diplomatic functions as part of a largely ceremonial role.

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