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Crypto Terms:  Letter M
Jun 19, 2023 |
updated Apr 02, 2024

What is Monetary Authority of Singapore (MAS)?

Monetary Authority of Singapore (MAS) Meaning:
Monetary Authority of Singapore (MAS) - is the central bank of Singapore that oversees the money supply and maintains the inflation rate, currency value, and interest rates.
3 minutes

Let's find out Monetary Authority of Singapore (MAS) meaning, definition in crypto, what is Monetary Authority of Singapore (MAS), and all other detailed facts.

The Monetary Authority of Singapore (MAS) is basically the banker to the government.

The main goals of the Monetary Authority of Singapore are to enhance and ensure financial security, as well as promote price stability.

Besides the main purposes of controlling foreign reserves and tracking actual inflation rates at the same time, as well as ensuring market stability, also promotes upheld economic growth.

They accomplish this through supervising monetary policy and managing financial zones, which provides them with additional decision-making power. It has a board of governors led by the finance minister that makes all decisions while taking into account all variables.

Moreover, the Monetary Authority of Singapore utilizes monetary policy to manage the inflation rates in Singapore by classifying a target inflation rate or arranging it to be either higher or lower compared to what would typically happen with the absence of intervention. Its inception took place in 1971, and it has operated well to meet these goals.

Supports Blockchain-Based Startups and Fintech

The Monetary Authority of Singapore (MAS) has policies that are considered to be very pleasant for blockchain-based fintech startups. They are fuelling the cryptocurrency and blockchain revolution.

Furthermore, MAS has pioneered this new phase in finance by enacting policies that encourage development while safeguarding customers from scammers.

It acknowledges and governs fintech businesses that utilize blockchain technology to simplify lives in a variety of industries and accomplish its aim of stable growth through creative solutions such as money transfers or mortgage service payments, among others.

Also, the Monetary Authority of Singapore (MAS) does different roles in the sense that it not only manages the financial zone but also works with the fintech policy. Traditional banks and tech startups that offer financial services utilizing new technologies such as blockchain-based trading platforms for cryptocurrencies and digital currencies are governed by it.

The Ministry of Finance and Monetary Authority of Singapore

The Ministry of Finance and the Monetary Authority of Singapore are not the same entities, and they both govern different factors of its economy. Nevertheless, they both have essential tasks. The former works with fiscal policy, and the latter focuses on monetary policy.

Similarly, monetary policy is concerned with the economy's macroeconomic level, GDP, and unemployment rate. Macroeconomic policies have an impact on both short- and long-term growth in the economy. 

The fiscal policy identifies government spending on various projects or revenue collection attempts in order to generate a taxation method. The method effectively satisfies its requirements at any given moment, while also taking inflation rates into account the same time while making financial decisions about what kinds of taxes could exist within your country's current financial environment.