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.
Wondering what NFTs are? Here’s a guide on – What are NFTs
Want to get one yourself? Here’s more info on – Where to buy NFTs
Wondering how NFTs work? Here’s your guide.
How to invest in NFTs – Earn money from NFTs by investing, maybe?
How to buy NFTs – Buy an NFT yourself.
Also, check out the guide on – How to make money with NFTs
You could make an NFT yourself – Here’s how to make NFTs
And finally, read on how to sell NFTs. Useful stuff! 😉
