cryptoknowmics.com
The Monetary Authority of Singapore (MAS) would not exclude changes to the current law and the introduction of new regulations that would impose more restrictions on small-time cryptocurrency dealers. Singapore's central bank "has been carefully evaluating the establishment of new consumer protection protections," said MAS chairman Tharman Shanmugaratnam in a written response to a query posed by one of the city MPs. The chairman claims that because cryptocurrency markets are international, there is "a need for global regulatory coordination and cooperation." Shanmugaratnam added,
"These issues are being discussed at various international standard-setting bodies where MAS actively participates."
Singapore Crypto Firm's Woes
The MAS chairman's most recent remarks came shortly after the agency threatened Singapore-based crypto fund Three Arrows Capital (3AC) for allegedly "offering false information and breaching assets under management threshold." According to reports, 3AC is also at risk of being liquidated since the company didn't comply with its lender's margin requests. On Monday, the Singapore-based cryptocurrency lender Vauld announced that it had suspended operations and paused the customer funds withdrawals. After this action, it added its name to the increasing list of cryptocurrency businesses that have encountered difficulties in recent weeks. The business stated that it had experienced withdrawals totaling $197.7 million since June 12. Vauld attributed the widespread withdrawals to the collapse of the Terra environment, Celsius Network's financial difficulties, and 3AC's default on its loans.