Singapore's central bank warns not all crypto activities are regulated




  • In Business
  • 2022-10-06 07:40:53Z
  • By Forkast News
 

The Monetary Authority of Singapore (MAS) has said that some crypto-related activities are unregulated and it would not know the number of companies interested in setting up a crypto firm in the city-state unless they seek a central bank license.

See related article: Singapore's MAS says needs to do better job explaining crypto policy

Fast facts

  • Firms that provide a service which involves buying, selling or facilitating the exchange of digital payment tokens (DPTs) would be regulated under Singapore's Payment Services Act 2019 (PS Act), said Tharman Shanmugaratnam, senior minister and minister in charge of MAS, in a reply to a Parliamentary question.

  • The island nation's central bank also cautioned that cryptocurrency transactions involving privacy coins and privacy wallets in Singapore are subject to misuse by criminals as they are designed to hide the identity of persons behind the transactions.

  • While Singapore aspires to be a crypto hub in Southeast Asia, Tharman acknowledged in his comments that other jurisdictions too are in a situation where some activities related to cryptocurrencies are unregulated.

  • Many companies related to Singapore have filed bankruptcy or have gone into liquidation over the last few months, such as the Three Arrows Capital hedge fund, the US$40 billion collapse of the Terra-LUNA stablecoin project, while Nasdaq-listed Eqonex Ltd. shut its crypto exchange.

  • MAS conducts surveillance to identify unlicensed firms that illegally provide DPT services or solicit customers in Singapore, Tharman said.

  • The central bank also refers matters to the police for investigation when it suspects an applicant is involved in illicit activities, besides rejecting the application, Tharman said.

See related article: Singapore's central bank says cryptocurrencies have 'no fundamental value'

COMMENTS

More Related News

Singapore
Singapore's Matrixport eyes US$100 mln fundraiser at US$1.5 bln valuation

Singapore-based crypto lender Matrixport is hoping to raise US$100 million at a valuation of US$1.5 billion, according to a Bloomberg report citing unnamed...

Singapore financial vulnerability climbs, but still resilient to shocks - MAS
Singapore financial vulnerability climbs, but still resilient to shocks - MAS

Singaporean households, corporates and banks have seen an increase in financial vulnerability this year, the city-state's central bank said on Friday...

Colombia court annuls cenbank appointment over gender quota
Colombia court annuls cenbank appointment over gender quota
  • US
  • 2022-11-25 02:34:01Z

BOGOTA (Reuters) -Colombia's highest administrative court has annulled the appointment of central bank co-director Alberto Carrasquilla on the grounds that...

Sri Lankan central bank threatens administrative measures over high market interest rates
Sri Lankan central bank threatens administrative measures over high market interest rates

COLOMBO (Reuters) -Sri Lanka's central bank on Thursday threatened administrative intervention to control high market interest rates that it regarded as out ...

Singapore serves lab-grown meat to world leaders at COP27 climate conference
Singapore serves lab-grown meat to world leaders at COP27 climate conference
  • World
  • 2022-11-23 23:35:58Z

The Singaporean government hosted a dinner co-organized with The Good Food Institute APAC and meat company Good Meat to promote lab-grown meat to the...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • Miami Mold Specialist
    (2022-10-07 05:06:21Z)

    We have newest equipment technology for mold remediation / removal treatment one day mold removal all work completely guaranteed 3 decades of experience mold assessment mold treatment south Florida with best customer services.

    REPLY

Top News: Business