Security News > 2022 > July > Singapore distances itself from local crypto companies

The Monetary Authority of Singapore said on Tuesday that its cryptocurrency regulations will add measures to protect consumers, in addition to ongoing work to contain money laundering and terrorist funding.

Singapore's anti-crypto rhetoric has increased in recent weeks, after Terraform Labs' "UST" stablecoin collapsed and helped to spark market uncertainty that has sent the price of many crypto assets tumbling.

Apropos of events to come, MAS board member Alvin Tan warned in parliament in April that although Singapore has long benefitted from its reputation as offering a famously friction-free business environment, crypto players that call the island nation home create "Reputational risks" around the world.

"Some crypto players that have come under strain have been reported by the media as being 'Singapore-based,'" said Menon.

"In reality, these so-called 'Singapore-based' crypto firms have little to do with crypto-related regulation in Singapore."

Crypto-lending company Vauld also did not have a crypto dealing license in Singapore, but did have an application currently under review by MAS. But despite being anti retail crypto, the regulatory body representative reiterated that Singapore was striving toward becoming an "Innovative and responsible digital asset hub," and was organizing seminars next month to explain its position on cryptocurrency, stablecoins, blockchains, tokenization, smart contracts and digital assets.

News URL

https://go.theregister.com/feed/www.theregister.com/2022/07/20/singapore_cryptocurrency_policy/