Singapore’s top financial regulator said cryptocurrencies are “highly hazardous” to many investors, but made clear the city-state still wants to develop and actively promote a digital-asset ecosystem.
Ravi Menon, the managing director of the Monetary Authority of Singapore, the country’s central bank, on Monday criticized the trading of cryptocurrencies by individual investors. He said cryptocurrencies lacked the fundamental qualities of money and offered no uses outside a blockchain network—except for speculation.