Singapore’s Central Bank Calls Blockchain “Fundamental” for FinTech Innovation

Singapore is rapidly becoming a global blockchain development hotspot. In addition to being home to a thriving community of blockchain start-ups, Singapore’s central bank (The Monetary Authority of Singapore, or MAS) has declared that blockchain is a “fundamental” technology.

While speaking at Consensus: Singapore Damien Pang, the head of technology infrastructure MAS, said that,

“We take an approach where our regulations aim at the purpose rather than the technology platform itself,” and continued, “We aim not to directly regulate a specific technology itself, because technologies are always getting better.”

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