Singapore Should Stop Beating Itself Up on Crypto Regulations
A spate of high profile implosions of some of the biggest names in crypto within the city state of Singapore is sparking deep introspection and pressuring authorities to bring down the regulatory hammer on an otherwise nascent industry, but is the financial center being too hard on itself"
The post Singapore Should Stop Beating Itself Up on Crypto Regulations appeared first on LUXUO.
?Code is law.? While the catchphrase has caught on with the crypto crowd, it has little cache with the crew that actually formulate law ? legislators and those who execute the law ? regulators. And therein lies one of the biggest challenges of regulating the cryptocurrency space ? lawmakers are literally writing law on paper, while the blockchain is built on code. And while regulators can produce reams of legislation, few (if any) can write a single line of code. Even as the law struggles (at best) to keep pace with technological advances, rushing to regulate in a piecemeal manner can and often does result in unintended consequences.
Right Code Not Law
Take for instance Singapore?s Payment Services Act (?PSA?).
When the idea of the PSA was first mooted, it was heralded (especially by those in the cryptocurrency industry) as a forward-looking piece of legislation that would help cement Singapore?s position as a global hub for digital assets.
Whilst the PSA may have been hyped as the first attempt by a major financial centre to regulate the rough-and-tumble cryptocurrency sect...
The post Singapore Should Stop Beating Itself Up on Crypto Regulations appeared first on LUXUO.
?Code is law.? While the catchphrase has caught on with the crypto crowd, it has little cache with the crew that actually formulate law ? legislators and those who execute the law ? regulators. And therein lies one of the biggest challenges of regulating the cryptocurrency space ? lawmakers are literally writing law on paper, while the blockchain is built on code. And while regulators can produce reams of legislation, few (if any) can write a single line of code. Even as the law struggles (at best) to keep pace with technological advances, rushing to regulate in a piecemeal manner can and often does result in unintended consequences.
Right Code Not Law
Take for instance Singapore?s Payment Services Act (?PSA?).
When the idea of the PSA was first mooted, it was heralded (especially by those in the cryptocurrency industry) as a forward-looking piece of legislation that would help cement Singapore?s position as a global hub for digital assets.
Whilst the PSA may have been hyped as the first attempt by a major financial centre to regulate the rough-and-tumble cryptocurrency sect...
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