The Singapore jurisdiction strives to empower its business and economy through productive transformation. As the world is very eager to run into the digital world, the future is purely dependent on blockchain and scalable technologies. Thus, the BAS community is developing its network to be more effective to work in a collaborative and a transparent circle.
So, to promote and improve the regulations and offer best practices, the BAS team announced to extend its board members. At present, the BAS is appointing Mr. Richard Teng former head of the Financial Regulatory Authority at Abu Dhabi Global Market (ADGM). Through his valuable and extensive experience Teng is elected to the Advisory Board of BAS.
Regulatory Guidance to BAS
Moreover, the engagement of the former CEO, Teng in the advisory board is a huge support for the BAS community. However, the team strategically appointed Teng with respect to his service across the areas of listing, trading, clearing and settlement. Thus, the BAS is extending the number of the current advisory board as “three members.” Besides, Teng’s vast authoritative experience can enhance emerging institutional interest, rapid innovation, and providing strict regulations within the crypto industry.
Further, there are some interesting facts about Teng which made him become a member of the advisory board. Mr. Teng’s service to the financial regulatory department is very remarkable till today. His prominent experiences are working in Singapore Exchange as Chief Regulatory Officer and Director of Corporate Finance at the MAS in the fintech community.
Besides, his previous experience working in AGDM made him responsible to fix the appearing gaps in the finance ecosystem through innovative regulations. Thus, Teng is the perfect selection for the advisory board of BAS.
BAS Elects Former CEO
Additionally, the Co-Chairman of BAS, Mr. Chia Hock Lai, feels happy about the appointment of Teng, to the BAS community. He shares that the power of Singapore court follows strict regulations and transparent guidance on cryptocurrencies. He also adds,
“Mr. Richard Teng’s experience will be a valuable asset in our journey to build a conducive ecosystem, encouraging legitimate players to discover solutions and promote best practices in a collaborative, open, and transparent manner.”
Thus, Mr. Teng comments a happy note about his appointment stating that he is looking forward to providing strategic plans to the BAS. Thus by promoting education, exchange of ideas, and improving leadership skills in blockchain and digital assets sectors.
Therefore, the BAS will promote and build a strong ecosystem in monitoring the network of blockchain and digital assets. The innovative developments and plans will raise the economical state of Singapore in the near future.
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