Tharman Shanmugaratnam, the former chair of the Monetary Authority of Singapore (MAS), has secured a resounding victory in Singapore's presidential election, garnering over 70% of the vote.
Former MAS Chair and Finance Minister Elected as Singapore President
Tharman Shanmugaratnam, the former chair of the Monetary Authority of Singapore (MAS), has secured a resounding victory in Singapore's presidential election, garnering over 70% of the vote.
This election outcome was confirmed by reports on September 2, with Shanmugaratnam triumphing over his rivals, Ng Kok Song and Tan Kin Lian. He is set to assume the presidency on September 14, just days after the election.
Shanmugaratnam gave up his responsibilities as MAS chief and as speaker of the parliamentary assembly before beginning his presidential candidature. He presided over MAS from 2011 to 2023 and held the position of finance minister for Singapore from 2007 to 2015.
Notably, in 2021, Shanmugaratnam, in his role as MAS chair, cautioned Singapore users about the high volatility and risk associated with crypto assets as investment products. During his tenure, Singapore's financial regulator observed the 2022 crypto market meltdown, which resulted in the demise of Singapore-based Three Arrows Capital and Terraform Labs.
However, the regulator subsequently granted in-principle approval to Crypto.com for operations in Singapore in June 2022, along with exemptions for Bitstamp, Coinbase, and Gemini Trust.
Following Shanmugaratnam's departure from MAS, the regulator introduced a revised regulatory framework for stablecoins in Singapore, as part of a public consultation initiated in 2022. The Singapore Court has also deemed crypto as property, citing a consultation paper from the MAS.
