Tharman Shanmugaratnam, who won over 70% of the votes to become president, is a former MAS chair and IMF executive and has previously described digital currencies as highly risky.
The consultation papers dealt solely with proposals designed to protect investors from the risks associated with dabbling in digital currencies in the wake of several collapses.
Shanmugaratnam warned regulators about legitimizing "speculative" digital assets but stressed that he wouldn't hinder consumers from participating in activities tied to virtual currencies.
The Monetary Authority of Singapore is keeping an open mind on digital currencies and stablecoins but says they must go beyond illicit use and mere speculation.
