Crypto-friendly Singapore plans tough regulations amid global upheaval

Implementing Director Mas Ravi Menon said that the main lesson from the upheaval in the global crypto industry is clear: investing in cryptocurrency is very risky.

“MAS and relevant government institutions will take law enforcement action if there are entities found to carry out illegal activities or carry out activities that are regulated without licenses,” he said after releasing the annual report of the central bank.Menon said that public reviews and consultations were ongoing, between the Agency and Regulator of the establishment of international standards, to strengthen regulations in the Crypto area.

“Mas is targeting to consult with the steps proposed in the next few months,” he added.Governments throughout the world, including in India, planned a strong action against cryptocurrency because the Crypto world faced increased uncertainty.

In India, Union Minister of Finance Nirmala Sitharaman said in Lok Sabha on Monday that the Reserve Bank of India (RBI) had recommended the framing of regulations for cryptocurrency.The Indian government wants international collaboration if such a ban must be enforced, said Sitharaman.

Menon said that some Crypto players under the tension had been reported by the media as “Singapore -based”.”In fact, this crypto company called ‘Singapore -based’ has nothing to do with regulations related to crypto in Singapore,” he said.

“Vauld is currently not licensed by MAS, also not asking for an exception from holding a license based on payment service laws. This has submitted a license application, which is waiting for a review,” said Menon.The global crypto industry is still developing and regulations are still following industrial trends.Mas has sent repeated warnings to retail investment in cryptocurrency.

Next month, the authority will arrange a special seminar to share its strategies to develop Singapore as a center for digital assets.”We will explain our position about cryptocurrency, stablecoin, blockchains, tokenisasi, smart contracts and digital assets, etc. – their risks and opportunities; shortcomings and potentials,” said Menon.

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Elara Gill

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