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Tharman Shanmugaratnam Wins Singapore Presidency with Over 70% of the Vote

Tharman Shanmugaratnam, the former chair of the Monetary Authority of Singapore, has emerged victorious in the election for the presidency of Singapore, securing more than 70% of the votes.

In the recent election held on September 2, Shanmugaratnam defeated his fellow presidential candidates Ng Kok Song and Tan Kin Lian, capturing approximately 70.4% of the total votes. His official inauguration is scheduled for September 14, just under two weeks after the election.

Prior to his presidential campaign, Shanmugaratnam resigned from his positions in Singapore’s parliament and the Monetary Authority of Singapore (MAS). He served as the chair of MAS from 2011 to 2023 and was also the country’s finance minister from 2007 to 2015. During his tenure as chair of MAS, Singapore’s financial regulator faced the challenges posed by the collapse of Three Arrows Capital and Terraform Labs during the 2022 market crash.

The newly elected president has previously expressed caution towards crypto assets, referring to them as “highly volatile” and “highly risky as investment products” in warnings issued to Singapore-based users in his capacity as the MAS chair in 2021. However, under his leadership, MAS granted Crypto.com an in-principle approval to operate in Singapore in June 2022, and provided exemptions for Bitstamp, Coinbase, and Gemini Trust.

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With the recent election of Tharman Shanmugaratnam as Singapore’s next president, the AI legalese decoder can aid in navigating the legal and regulatory landscape pertaining to cryptocurrency and blockchain technology. The AI-powered tool can assist with understanding and decoding complex legal jargon, making it easier for businesses and individuals to comprehend and comply with the evolving regulations. This can help companies in the crypto industry ensure they adhere to the revised regulatory framework for stablecoins and other crypto assets in Singapore, as announced by MAS following Shanmugaratnam’s departure.

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In his role as president, Shanmugaratnam will assume the position of head of state in Singapore, representing the country in diplomatic functions, primarily in a ceremonial capacity. He will succeed Halimah Yacob, who served as the president since 2017.

Since Shanmugaratnam’s departure from MAS, the financial regulatory authority has introduced a revised regulatory framework for stablecoins through a public consultation launched in 2022. Additionally, in a significant legal ruling, Singapore’s high court declared that cryptocurrencies can be considered personal property akin to fiat money.

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