cryptoknowmics.com
The central bank of Singapore, the Monetary Authority of Singapore (MAS), will consult on crypto regulation involving consumer protection in the next few months, Managing Director, Ravi Menon, said on Tuesday.
MAS to Consult on Crypto Regulation
Menon addresses the various failed crypto companies with links to the city, claiming they have "little to do with crypto-related regulation in Singapore," including TerraForm Labs and Luna Foundation Guard - the companies behind the collapsed TerraUSD stablecoin, hedge fund Three Arrows Capital and lender Vauld. Menon said that the recently bankrupt Three Arrows Capital was not regulated under the Payment Services Act and had ceased to manage funds in Singapore, leading to its bankruptcy. Similarly, TerraForm Labs and Luna Foundation Guard aren't licensed or regulated by the central bank, nor have they applied for any license or sought exemption from holding one. Menon stated that the crypto lender Vauld also doesn't have a MAS license. He further said that MAS' repeated warnings against retail investments in cryptocurrencies and "ratcheting up of policies to restrain retail access" has "raised some questions" about the regulator's stance concerning the digital asset ecosystem. Addressing this issue, the central bank will organize a seminar next month to explain its strategies for developing Singapore as a digital asset hub.
"We will set out how our developmental and regulatory approaches will work in harmony to achieve the vision of Singapore as an innovative and responsible digital asset hub," he said.