The head of the Monetary Authority of Singapore (MAS) said there are no regulations for all crypto-related activities.
The decline in the crypto market this year has prevented Singapore from adopting Blockchain technology. Flagged bankruptcy, Three Arrows Capital, Terra, Hodlnaut and Zipmex were among the companies with ties to Singapore. New regulatory steps are being taken in Singapore, which has tightened its stance on cryptocurrencies.
Crypto Activities Statement From Singapore Official
Singapore said all crypto-related activities are unregulated and the monetary authority will not know the number of people interested in starting crypto firms unless they request a central bank license.
Tharman Shanmugaratnam, Chairman of the Monetary Authority of Singapore (MAS), in response to questions from a member of parliament; He said companies that offer services that facilitate the buying, selling or exchanging of cryptocurrencies will be governed by the Payment Services Act.
Emphasizing that some crypto activities are not under control, Tharman made the following words in connection with the subject:
“MAS will not have information on the number of parties interested in establishing cryptocurrency investment companies in Singapore unless they apply for a license from MAS.”
Tharman noted that not only Singapore but also other jurisdictions are in a state of surveillance of some activities related to digital assets. He also explained that surveillance is being carried out to detect unlicensed firms.
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