Singapore Monetary Authority: The HKMA is studying how to deal with the risks posed by cryptocurrencies

According to Finance Magnates, Singapore's Monetary Authority (MAS) senior official Damien Pang said at the annual Financial Technology Conference on Thursday that many regulators and industry players have called for a top-down approach to the cryptocurrency industry. . The HKMA is studying the risks posed by cryptocurrencies and how they can be addressed through regulation. Pang said: "We absolutely need to regulate the cryptocurrency, which is to properly deal with risks. For example, using cryptocurrency to finance terrorism, etc., this is a problem we need to solve. Therefore, the problem is not whether cryptocurrency should be regulated, but Regarding the risks posed by (blockchain) technology and how we can mitigate these risks without going through the entire cryptocurrency industry."