The Monetary Authority of Singapore believes “crypto token” activities do not yet pose a “significant risk” to financial stability, but the central bank is looking at “unconventional ways” to monitor these activities. 

Speaking at a fintech conference on March 15, MAS managing director Ravi Menon said he preferred the term “crypto tokens” to “cryptocurrencies” because the former “began life” as the medium of exchange backed by blockchain, but has now assumed “a life of its own” beyond the