Ethereum (ETH) co-founder Vitalik Buterin said the Monetary Authority of Singapore (MAS) is taking a regulatory approach to cryptocurrencies that he calls “hard balance”. While appreciating some of the regulator’s policy decisions, he also says MAS risks following in the footsteps of many other regulators around the world who view cryptocurrencies as “strange and scary.”
“I really appreciate the effort that [die singapurischen Regulierungsbehörden] and their willingness to explore and support many different types of applications,” Buterin said in an interview with local newspaper The Strait Times when asked about MAS’ approach to cryptocurrency regulation.
“It’s interesting that they try to make a distinction between the use of blockchain and cryptocurrencies. On the other hand, it’s kind of a mentality that every regulator has that you support the technology and make the things easier for people, but finds cryptocurrency weird and scary,” the entrepreneur said.
Buterin admitted that a series of recent developments and scandals that rocked the global crypto sector could push regulators to apply tougher regulations to the industry.
“The problem with the cryptosphere is that it has a lot of variance, and when you get a certain type of reputation, it’s very easy to accidentally attract all the Do Kwon,” he said, making reference to the highly controversial co-founder of the ecosystem collapse of Terra Luna.
Regarding the regulatory cryptocurrency/blockchain separation policies applied by some countries, Buterin believes that “the reality is that if you don’t have cryptocurrency, the blockchains you will have are just fake and nobody cares. ‘will care about it will interest you’.
At the same time, shortly after the collapse of leading crypto exchange FTX, the entrepreneur recognized the need to introduce regulations that discourage those who wish to use blockchain technology for personal gain at the expense of others.
“I appreciate the weight and the positions that Singapore and MAS take there. It is very true that if a country does not handle it wisely, it can easily become a base for all do-kwon. And it’s not necessarily something a country wants,” Buterin said.
“On the other hand, I think it’s entirely possible to engage productively and get a lot of benefits,” Buterin added.
Last September, the entrepreneur entered the race for this year’s best-selling book on crypto with the release of Proof of Stake, a compilation of his writings over the past 10 years. The title was released on September 27 in both physical and digital book form. Buterin announced that his entire share of book proceeds will be used to support open source products through Gitcoin grants.