In a social media post dated June 25, the Chief FinTech Officer of Monetary Authority of Singapore (MAS), Sopnendu Mohanty, praised the progress of the crypto industry and said the ‘future is on the right path’. He also lauded leaders who have achieved milestones in his post.
These comments come off as a breath of fresh air especially at a time when financial regulators typically are having a dubious stance towards the industry.
Mohanty’s optimistic views come just days after MAS said it will crack down on bad crypto behaviour. In his latest LinkedIn post, Mohanty outlined his thoughts from the Point Zero Forum in Switzerland, and appreciated the leadership of some big crypto firms.
Mohanty said that the leaders from the Crypto space (Binance, Crypto.com, Ripple and others) are whole-heartedly driven to develop a secure and sustainable innovation solving real problems.
He said these firms are also working to identify real-economic opportunities.
He further added, “It is heartening to see the clarity among CEOs on the need to create a responsible and compliant industry. The future is on the right path.”
However, note that Mohanty’s post also had cautionary undertones to it as he said that Web 3.0/Crypto is a very nascent industry. He also pointed out that, however, the promises have run ahead of technological maturity and the industry has both speculators and scammers.
Mohanty concluded, “So let’s not create a forced error and throw the baby out with the bathwater.”
All in all, Mohanty’s views are a ray of hope, in the gloomy times of collapsing crypto.
