Tharman Shanmugaratnam Emerges Victorious in Singapore's Presidential Election
Summary:
Tharman Shanmugaratnam, former chair of the Monetary Authority of Singapore, has won the presidential election with 70% of the vote. He will be sworn into office on Sept. 14 and succeed Halimah Yacob as the head of state. Shanmugaratnam resigned from his parliamentary position and the MAS ahead of his campaign. During his tenure, Singapore saw the collapse of Three Arrows Capital and Terraform Labs. He has expressed concerns about cryptocurrencies but granted approvals to Crypto.com and exemptions to Bitstamp, Coinbase, and Gemini Trust. The MAS has introduced a revised regulatory framework for stablecoins.
Tharman Shanmugaratnam, the former head of Singapore's Monetary Authority, emerged victorious in the country's presidential election with over 70% of the votes, defeating Ng Kok Song and Tan Kin Lian. Shanmugaratnam will be inaugurated on September 14th, just a fortnight after the election. Prior to his candidacy, he resigned from his parliamentary position and his role at the Monetary Authority, where he had served as chair from 2011 to 2023, and also held the position of finance minister from 2007 to 2015. During Shanmugaratnam's tenure at the financial regulatory body, Singapore witnessed the collapse of Three Arrows Capital and Terraform Labs during the 2022 market crash. In the past, Shanmugaratnam has expressed concerns about cryptocurrencies, warning Singapore-based users about their volatility and risky nature. Nonetheless, the MAS granted in-principle approval for Crypto.com to operate in Singapore and provided exemptions for Bitstamp, Coinbase, and Gemini Trust. As the newly elected president, Shanmugaraman will serve as the ceremonial head of state, representing Singapore in diplomatic functions. He will succeed Halimah Yacob, who held the position since 2017. Meanwhile, the Monetary Authority of Singapore has announced an updated regulatory framework for stablecoins, following Shanmugaratnam's departure. Additionally, a court ruling treated cryptocurrencies as personal property similar to fiat money.
Published At
9/4/2023 3:49:08 PM
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