Learning from the painful lessons in the cryptocurrency industry, Monetary Authority of Singapore (MAS) emphasizes long-term development in AI investment field.

A senior executive at the Monetary Authority of Singapore (MAS) mentioned in an interview with Bloomberg that Singapore had been too hasty in investing in the cryptocurrency space in the past. They have learned many lessons and hope that this will not happen again in the field of AI.

Singapore Betting on Long-Term Development of AI

According to a report by Bloomberg, Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore (MAS), stated:

We hope that AI applications, whether adopted or promoted by us, will exist in the long term. In the field of distributed ledger technology and digital currencies, we have learned many lessons, and if we move too hastily, we may soon encounter bad actors.

He also mentioned that Singapore has invested billions of dollars in applications such as financial services and capital markets in the AI field this year, potentially creating thousands of related job positions.

Singapore Striking a Balance in AI and Cryptocurrency Fields

Although MAS hinted at setbacks in investments in the cryptocurrency field, including notable cases such as sovereign wealth fund Temasek's investments in FTX, as well as failures involving Three Arrows Capital, lending platform Vauld, and Hodlnaut.

However, Singapore continues to actively position itself as a crypto-friendly nation, with regulatory authorities recently issuing licenses to crypto companies like Coinbase, Circle, and Upbit.

Singapore's Upbit Obtains Preliminary Approval from MAS to Continue Crypto Payment Services