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Singapore Defends Crypto Regime After Three Arrows Collapse

Ravi Menon, managing director of the Monetary Authority of Singapore, pushed back at reports that regulators missed the failings of crypto hedge fund Three Arrows Capital

Singapore's central bank issued new disclosure and reporting guidelines on Thursday for retail environmental, social and governance funds.
The MAS will require the disclosures to be made regularly, chairman Ravi Menon said. "Investors will receive annual updates on how well the fund has achieved its ESG focus." File photo: Reuters.


Singapore’s central bank has denied it mismanaged the regulation of cryptocurrencies after a series of entities linked to the city state collapsed.

Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), pushed back at reports that regulators missed the failings of cryptocurrency hedge fund Three Arrows Capital even though it had been under investigation for 12 months.

Menon called into question the domicile of Three Arrows and other cryptocurrency crash victims.

“Some crypto players that have come under strain have been reported by the media as being Singapore-based,” he said on Tuesday at the launch of MAS’s annual report.

“In reality, these … crypto firms have little to do with crypto-related regulation in Singapore.”



Three Arrows, Terraform Labs, Vauld

As well as Three Arrows, Terraform Labs and Vauld also had a presence in Singapore, which has courted crypto businesses in recent years.

Only last month did MAS say it would crack down on misbehaviour by crypto exchanges and brokerages, noting that Three Arrows had filed false information to authorities.

Menon said on Tuesday that in future crypto entities in Singapore would be more tightly regulated.

“Going forward, in line with international regulators, we’re also going to be broadening the scope of regulations to cover more activities,” he said.

However, the Singapore central bank said it would continue to promote the use of digital assets.


  • George Russell




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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


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