NewsletterJust In: Singapore Regulator To Adopt “Brutal” Approach Towards Crypto
Considered the tax haven for cryptocurrencies, Singapore has now decided to harden its stance on the trade of digital assets. The Monetary Authority of Singapore (MAS) aims to opt a brutal approach.
MAS has no tolerance for bad market behaviour
According to a report, Sopnendu Mohanty, CFO of MAS, Inquired about the worth of personal cryptos. Meanwhile, he added that he expected a state backed digital token to be launched within three years.
Mohanty raised the point that many cryptocurrencies have called the authority nonfriendly. He mentioned that his reply has been, Friendly for what? For a real economy or for some unreal economy.
CFO said that they have no tolerance for any bad market behaviour. We are brutal and unrelentingly hard if somebody has done a bad thing.
This statement has come amid the ongoing collapse of the global crypto market. The recent historic fall of Terra’s native token LUNA and Stablecoin UST has jolted the market. Earlier, Crypto exchanges like Bybit and Binance have shunned the nation as the watchdog came up with more specific and restrictive guidelines.
Singapore hardens its stance
However, Crypto.com, another digital asset exchange received the in principle approval to function in Singapore. Crypto firms like Genesis and Sparrow also got licenses to operate in the country.
Meanwhile, Mohanty targeted South Korean prosecutors for narrowing down over now Singapore-based Terraform Labs. The crash cost the crypto market a deficit of $40 billion overnight. While the recently Three Arrows Capital, a hedge fund capital suffered a huge loss after failing to fulfill margin calls.
Seems like the crypto downturns have changed the stand of the Singaporean authority. Officer added that “the world at large is lost in private currency, which has resulted in the recent market turmoil”.
According to the report, the nation has enforced a “painfully slow” and “extremely draconian due diligence process” for licensing crypto companies.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bitcoin Faces Slide Towards $70K as Japan Rate Hike Odds Spike
- Michael Saylor Signals Another Bitcoin Buy as Market Sentiment Slips into Extreme Fear
- Crypto Traders Increase Bets on Kevin Warsh After Trump Names Top Two Fed Chair Candidates
- This Top CNBC Trader Says He’ll “Never” Invest in XRP Despite Wall Street Adoption
- ‘Dead Like Kodak’: Software Engineer Slams SWIFT’s 5-Year Delay on Blockchain Plans
- Will Bittensor Price Break Above $400 After First TAO Halving Tomorrow?
- Expert Predicts Bitcoin Price Crash to $75k as ETF Inflows Fall, Treasury Companies Plunge 83%
- HYPE Price Jumps 8% as Open Interest Hits $1.61B — Is $50 Next?
- Is Solana Price Poised for a +50% Bullish Rally? Here’s What to Expect
- Top 3 Price Predictions for Bitcoin, Ethereum, and XRP in DEC 2025
- Will Chainlink Price Break Toward $20 After 84K LINK Reserve Increase?
