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.
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.
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.
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