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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