MAS Fintech Chief: Singapore Will Be 'Brutal and Unrelentingly Hard' for Bad Actors in Crypto

6/24/2022 12:04:00 AM

The Monetary Authority of Singapore (MAS) - Singapore's top watchdog - pitches for a brutal approach to bad actors in crypto.

Regulations, Singapore

The Monetary Authority of Singapore (MAS) - Singapore 's top watchdog - pitches for a brutal approach to bad actors in crypto.

The Monetary Authority of Singapore (MAS) - Singapore 's top watchdog - pitches for a brutal approach to bad actors in crypto.

Author:The Monetary Authority of Singapore (MAS) – Singapore’s top watchdog – pitches for a brutal approach to bad actors in crypto.While speaking toNeedless to say, Terra’s collapse, a foreshock of rapid sell-off this month, has forced regulators to harden their stance on the industry. Mohanty believes the world at large is “lost in private currency,” which is driving the ongoing turmoil in the market.

Singapore has witnessed the departures of several crypto businesses to the Middle East this year. Many of these entities cited licensing delays and the authorities’ repeated warnings that they do not want retail investors putting funds into crypto because of excessive risk.

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Singapore's MAS Grants CryptoCom In-Principle ApprovalThe MAS allowed CryptoCom, Genesis, and Sparrow offer Digital Payment Token (DPT) services to Singapore an customers.

Singapore Will Crack Down on Bad Crypto Behavior: ReportThe Monetary Authority of Singapore will be 'brutal and unrelentingly hard' on bad behavior in the crypto industry, said Sopnendu Mohanty, the central bank's chief fintech officer. MAS camomileshumba singapore3dreich.de MAS camomileshumba Most people in this market want to get rich quick, but those who have a lower time preferance tend to dramatically out perform the get-rich-quickers MagdaleneKatar0 educate you on the cons and pros. MAS camomileshumba the markets are harder

Singapore regulator will be 'brutal' for bad behavior in crypto, reports FTThe Monetary Authority of Singapore will not tolerate bad behavior in the crypto industry, says its chief fintech officer Sopnendu Mohanty. Yogita_Khatri5 I think they risk jail time. Are they still in the country? Yogita_Khatri5 a caning for zhu and let's move on Yogita_Khatri5 fintechfrank

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» MAS Fintech Chief: Singapore Will Be ‘Brutal and Unrelentingly Hard’ for Bad Actors in Crypto MAS Fintech Chief: Singapore Will Be ‘Brutal and Unrelentingly Hard’ for Bad Actors in Crypto Author: Last Updated Jun 23, 2022 @ 14:48 The Monetary Authority of Singapore (MAS) – Singapore’s top watchdog – pitches for a brutal approach to bad actors in crypto.The leading digital asset exchange – CryptoCom – received in-principle approval from the Monetary Authority of Singapore to provide a variety of payment services within the Asian city-state.its Singapore unit and dropped its application for a license after MAS told it to stop all crypto transfers.Quick Take Singapore regulator reportedly has no tolerance for bad behavior in crypto.

Singapore is often considered one of the world’s most open economies, but its relationship with the crypto industry in recent times has been inconsistent. The fintech policy chief believes the city-state will be “brutal and unrelentingly hard” on any bad behavior. The MAS Said ‘Yes’ In a recent announcement , CryptoCom explained that the latest approval will enable the exchange to offer numerous settlement solutions within the Payment Services Act, including Digital Payment Token (DPT) services to Singaporean clients. Crackdown on Bad Behavior in Crypto While speaking to , Sopnendu Mohanty, Monetary Authority of Singapore’s (MAS) chief fintech officer, said the focus will be to crack down on bad behavior in the crypto industry and added that the central bank has no tolerance for such market participants. Still, while the process may be tortured, that hasn't prevented some crypto companies from staying the path. “If somebody has done a bad thing, we are brutal and unrelentingly hard.” He further described Singapore as a “flourishing market for fintech innovation” where cryptocurrencies and other technology could thrive.” Needless to say, Terra’s collapse, a foreshock of rapid sell-off this month, has forced regulators to harden their stance on the industry." Mohanty's comments come amid crypto market turbulence caused by the collapse of Singapore-based Terraform Labs' two tokens — terraUSD (UST) and terra (luna) — which wiped out $40 billion of investor wealth.

Mohanty believes the world at large is “lost in private currency,” which is driving the ongoing turmoil in the market. Earlier this month, the company it plans to lay off 260 employees, or 5% of its total workforce. He admitted that Singapore had imposed a “painfully slow” and “extremely draconian due diligence process” for licensing businesses related to crypto. The chief also said, “We have been called out by many cryptocurrencies for not being friendly. ADVERTISEMENT gave its nod to the digital asset broker – Genesis – and the crypto trading venue – Sparrow. My response has been: friendly for what? Friendly for a real economy or friendly for some unreal economy?” Singapore has witnessed the departures of several crypto businesses to the Middle East this year. Many of these entities cited licensing delays and the authorities’ repeated warnings that they do not want retail investors putting funds into crypto because of excessive risk. “We must continue to build trust through regulatory guardrails while encouraging innovation and realizing gains,” Heng Swee Keat – Singapore’s Deputy Prime Minister – stated. According to Mohanty, the current market turmoil is a result of the world at large being lost in"private currency.

ADVERTISEMENT Crypto exchanges ByBit, and Binance, as well as hedge fund Three Arrows Capital, abandoned their plans of operating in the country and instead moved to Dubai. Following the exodus of key market players, Singapore’s Deputy Prime Minister Heng Swee Keat announced the launch of “Project Guardian. However, this is a small fraction of the 200 applicants that have sought the watchdog’s approval throughout the years.” The collaborative initiative aims to foster applications built around asset tokenization and decentralized finance (DeFi). As part of Project Guardian, the MAS will be partnering with top banks, digital asset companies, and digital infrastructure firms. In his view, though, this goal could be achieved by applying comprehensive regulations to the sector. Three Firms Acquire License to Operate in the Country Despite the toughened stance, CryptoCom received in-principle approval from MAS for offering payment services within the country.com, Genesis and crypto trading platform Sparrow.

The latest approval will enable the digital asset exchange to offer numerous settlement solutions within the Payment Services Act, including Digital Payment Token (DPT) services to Singaporean clients. Last month, Singapore’s top financial regulator joined forces with the local monetary industry to introduce “Project Guardian. Two other crypto firms – Genesis and Sparrow – also scored the approval to provide similar services. SPECIAL OFFER (Sponsored) . “Project Guardian” will investigate the potential use-cases of decentralized finance (DeFi) and asset tokenization and will double down on Singapore’s intentions to emerge as a cryptocurrency hub.