Tharman Shanmugaratnam, former chair of the Monetary Authority of Singapore (MAS), has won the election for the city-state’s presidency with more than 70% of the vote. He defeated presidential candidates Ng Kok Song and Tan Kin Lian to become the next president of Singapore and will be sworn into office on Sept. 14. Prior to his presidential campaign, Shanmugaratnam resigned from his position in Singapore’s parliament and at the MAS, where he served as chair from 2011 to 2023. He was also the country’s finance minister from 2007 to 2015. During his time as MAS chair, Shanmugaratnam warned Singapore-based users of the risks associated with crypto assets. The MAS has since granted Crypto.com an in-principle approval to operate in the city-state in June 2022, as well as exemptions for Bitstamp, Coinbase, and Gemini Trust. As president, Shanmugaratnam will become the head of state in Singapore, representing the country in diplomatic functions as part of a largely ceremonial role. The MAS has also announced a revised regulatory framework for stablecoins in Singapore as part of a public consultation launched in 2022. In July, Singapore’s high court ruled that cryptocurrencies could be treated as personal property akin to fiat money.

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Information	Details
Geography	Asia
Countries	🇸🇬 🇨🇳
Sentiment	neutral
Relevance Score	8
People	Halimah Yacob., Tan Kin Lian, Tharman Shanmugaratnam, Ng Kok Song
Companies	Gemini Trust, Three Arrows Capital, Terraform Labs, MAS, Crypto.com
Currencies	US Dollar, X Project, Singapore Dollar, Ethereum, Bitcoin
Securities	None