According to the Hong Kong media "Economic Digest", the Monetary Authority of Singapore (MAS) plans to establish a digital asset center to attract foreign funds. It is reported that Singapore was once a center of the virtual currency industry, but suffered a market collapse in 2022 due to the Terraform Labs incident. Nevertheless, the Monetary Authority of Singapore still hopes to use blockchain technology underlying virtual currencies to establish a digital asset center. It is said that the Singapore government will introduce new policies next year to strictly regulate the virtual currency market.
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The Monetary Authority of Singapore plans to introduce new policies in 2024 to establish a digital asset center
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