Jeremy Tan's Bitcoin Campaign Garners 36% of Votes in Mountbatten SMC
Jeremy Tan, an independent candidate for Mountbatten SMC, made waves in Singapore's general election by securing 36% of the vote. His campaign focused on Bitcoin adoption, sparking discussions about the cryptocurrency's role in the city-state's financial landscape.
Tan's proposal to include Bitcoin in Singapore's official foreign reserves has drawn attention. He views it as a superior reserve commodity to gold, given its potential for higher returns and decentralisation. However, the Monetary Authority of Singapore (MAS) maintains a cautious stance towards crypto firms, enforcing a 'zero-tolerance approach' to unlicensed entities. This suggests reluctance to approve a Singapore-dollar-denominated Bitcoin ETF unless it aligns with strict regulatory frameworks. MAS's emphasis on licensing and investor protection, coupled with Singapore's strong crypto adoption and innovation momentum, could motivate eventual support if compliance and market integrity are assured.
Tan also aims to introduce a Singapore Dollar-denominated Bitcoin ETF (BITS ETF). He envisions it acting as a 'liquidity sponge' for family offices and providing Singaporeans with a new retirement savings avenue.
Jeremy Tan's Bitcoin-focused campaign has sparked conversation about the cryptocurrency's potential in Singapore. While regulatory hurdles exist, Singapore's strong crypto adoption and innovation momentum could pave the way for Bitcoin's integration into the city-state's financial system, should market integrity and compliance be ensured.
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