Tharman Shanmugaratnam, the former chair of the Monetary Authority of Singapore, has emerged victorious in the recent presidential election of the city-state, securing over 70% of the total votes cast.
The election results, announced on September 2, confirm Shanmugaratnam’s win against his opponents, Ng Kok Song and Tan Kin Lian.
The inauguration ceremony is scheduled for September 14, a mere fortnight after the election.
In preparation for his presidential campaign, Shanmugaratnam made the decision to step down from his roles in Singapore’s parliament and at the Monetary Authority of Singapore (MAS), where he held the position of chair from 2011 to 2023.
Notably, he also served as the country’s finance minister from 2007 to 2015.
During his tenure, Singapore’s financial regulatory landscape underwent significant events, including the 2022 market crash which saw the collapse of Three Arrows Capital and Terraform Labs.
A distinctive aspect of Shanmugaratnam’s previous stance on financial matters was his perspective on cryptocurrency assets. In 2021, while serving as the chair of MAS, he characterized crypto assets as “highly volatile” and deemed them “highly risky as investment products.”
However, MAS also demonstrated a balanced approach by granting in-principle approval for Crypto.com’s operations in Singapore in June 2022, along with exemptions for Bitstamp, Coinbase, and Gemini Trust.
Taking on the role of the President of Singapore, Shanmugaratnam will assume the position of head of state and will represent the nation in diplomatic engagements, although this role is largely ceremonial.
His ascent to the presidency marks the end of Halimah Yacob’s term, who had held the position since 2017.
In the wake of Shanmugaratnam’s departure from MAS, the regulatory body unveiled a revised framework for stablecoins in Singapore.
This framework was presented as part of a public consultation initiated in 2022.
Furthermore, a significant legal development occurred in July when Singapore’s high court ruled that cryptocurrencies could be treated as personal property, similar to traditional fiat money.
In sum, Tharman Shanmugaratnam’s resounding victory in the presidential election has secured his place as the next head of state for Singapore.
His extensive experience in finance and regulation, coupled with his prior engagements in the government, has positioned him to lead the nation through diplomatic functions in his new ceremonial role.
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