Security News > 2022 > June > Singapore promises 'brutal and unrelentingly hard' action on dodgy crypto players

In the same week that it welcomed the launch of a local center of excellence focused on crypto-inspired central bank digital currencies, Singapore's Monetary Authority has warned crypto cowboys they face a rough ride in the island nation.

Singapore's sovereign wealth fund has invested in Mojaloop, and MAS chief fintech officer Sopnendu Mohanty serves as a board advisor and the authority provides representatives to the Foundation's working group, alongside folks from the Bill & Melinda Gates Foundation, Google, and more.

"We have no tolerance for any market bad behavior. If somebody has done a bad thing, we are brutal and unrelentingly hard," Mohanty told The Financial Times.

Mohanty stated that efforts like Mojaloop are more to Singapore's liking and opined that digital currency will eventually be integrated into the platform and made available to central banks beyond Singapore.

Mohanty isn't the first high ranking Singapore public servant to rail against crypto.

Singapore's digital curiosity can be seen in its CBDC tested interoperability tests for cross-border payments with Australia, Malaysia and South Africa - an effort Heng said "Validated various design approaches through prototyping" and its resulting recommendations would "Support the G20 roadmap for enhancing cross-border payments." .

News URL

https://go.theregister.com/feed/www.theregister.com/2022/06/27/singapore_cbdc_crypto_policy/