Regulators in Singapore plan to “play a long game” on artificial intelligence development as they draw tough lessons from trouble involving local crypto firms, a central bank official said.

In an interview with Bloomberg, Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore, said that the authority wants to “ensure whatever AI we adopt or we promote, it stays for a long period of time.”

“We have learned a lot of lessons in the whole DLT/digital currency space,”  Mohanty added. “If you rush yourself very fast, you may see bad actors coming very quickly.”

Singapore is considered a relatively crypto-friendly jurisdiction with many global companies in the crypto and web3 space setting up their bases in the country. However, the city-state has over the past …