Singapore draws tough lessons from crypto as it aims to ‘play long game’ on AI, MAS official says

Quick Take

  • Bloomberg reported that regulators in Singapore want to ensure the AI industry is sustainable, after the authorities “learned a lot of lessons” in the crypto space.

Regulators in Singapore plan to “play a long game” on artificial intelligence development as they draw tough lessons from trouble involving local crypto firms, a central bank official said.

In an interview with Bloomberg, Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore, said that the authority wants to “ensure whatever AI we adopt or we promote, it stays for a long period of time.”

“We have learned a lot of lessons in the whole DLT/digital currency space,”  Mohanty added. “If you rush yourself very fast, you may see bad actors coming very quickly.”


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Singapore is considered a relatively crypto-friendly jurisdiction with many global companies in the crypto and web3 space setting up their bases in the country. However, the city-state has over the past year seen several crises involving crypto players, including the failures of Three Arrows Capital, Vauld and Hodlnaut.

MAS appears to remain committed to regulating crypto firms, though — after recently granting licenses to crypto firms including Coinbase and Circle.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Timmy Shen is an Asia reporter for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.


To contact the editor of this story:
Ryan Weeks at
[email protected]