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.”
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.
A US District Judge said the former billionaire wunderkid was responsible for one of the…
Banks have been reluctant to deepen their exposure to the ailing real estate sector but…
US intelligence officials say Chinese pharma companies are risking national security at a time when…
BYD has set back plans for an EV factory in Vietnam, while CATL has said…
US Treasury Secretary Janet Yellen has accused China of ‘distorting prices’ with its increased green…
Japan’s plunging currency and the threat of BoJ intervention sent Tokyo’s soaraway benchmark downwards