Singapore Regulators Take Cautionary Approach for Long-Term AI Development After Crypto Troubles

Singapore's regulators are taking a cautious approach to the development of artificial intelligence (AI), drawing on lessons learned from troubles in the local cryptocurrency sector, according to Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore. The authority wants to ensure that any AI adoption or promotion is long-lasting. Mohanty said the government had learned lessons from moves in the distributed ledger technology and digital currency space, and wants to avoid allowing bad actors to come into the AI sector too quickly. Singapore has seen several crises involving cryptocurrency players, including the failures of Three Arrows Capital, Vauld and Hodlnaut. MAS recently granted licences to crypto companies Coinbase and Circle. Read more AI-generated news on: https://app.chaingpt.org/news