NFT News

Singapore Postpones NFT Regulations

NFT Latest News

It will not control the expanding non-fungible token (NFT) market.

The MAS decision comes as the NFT industry recorded sales of $25 billion last year, up from $95 million in 2020.

While the significant surge has drew the notice of authorities, Singapore will not be one of them.

Minister Tharman Shanmugaratnam says the central bank and parliamentarians would remain neutral for now.

“The MAS does not and cannot supervise everything that individuals invest in,” he told Fintech News Singapore.

Regulators must evaluate the dangers and rights of NFT owners in a nascent business, he stressed.

The White House, on the other hand, is anticipated to release an executive order on crypto assets as early as this week.

Biden’s directive will allegedly instruct federal departments to research cryptocurrencies and central bank digital money. Treasury, State, Justice, and Homeland Security are likely to be required to submit reports.


Get started with as little as $10.

Get Your Account