Singaporean regulatory body decides to become brutal in crypto industry

Singapore’s state Central Bank official decides to show tough & strict stances against bad things in the crypto & blockchain industry.

Singapore is a high-tech adaptive region in the world, where we can see the adoption of the crypto & blockchain industry from the very beginning. Singaporean government agencies showed better stances and introduced a better crypto-friendly framework to ensure the safety of the investors with better room for the crypto industry to evolve toward progress.

On 23 June, Financial Times reported that Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore (MAS), stated that Central Bank (MAS) promised to be “brutal and unrelentingly hard” against the bad behavior in the crypto industry. 

MAS chief fintech officer said:

“We have no tolerance for any market bad behavior. If somebody has done a bad thing, we are brutal and unrelentingly hard.”

MAS official was questioned regarding the values of cryptocurrencies and also touched on the discussion of Central Bank Digital Currency (CBDC). He said that Centralized digital currency will be launched by Bank in the next 3 years. 

“We have been called out by many cryptocurrencies for not being friendly. (…) My response has been: friendly for what? Friendly for a real economy or friendly for some unreal economy?”

Mohanty further passed a statement on private Cryptocurrencies and noted that the majority of the population is now getting lost in the private Cryptocurrencies, which is causing a big reason for this “market turmoil”. He also said that Singapore has implemented a very “slow” and “extremely draconian due diligence process” to issue licenses for crypto companies. 

Singapore’s MAS against Crypto 

Around 5 months ago, the MAS agency issued orders to all the crypto ATM operator companies to shut down their operations, which also included Bitcoin ATM operator Daenerys & Co.

At that time, MAS imposed new restrictions against the crypto companies to stop advertising their crypto products publicly and also warned crypto firms to keep crypto ads under full transparency, to warn people about the possible risks associated with crypto investment or corresponding product or service. 

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