Singapore Will Be ‘Brutal and Unrelentingly Hard’ for Bad Actors in Crypto

Singapore Will Be ‘Brutal and Unrelentingly Hard’ for Bad Actors in Crypto #Singapore #Brutal #Unrelentingly #Hard #Bad #Actors #Crypto Welcome to JibGlobe, here is the new resources we have for you today:

Singapore is often considered one of the world’s most open economies, but its relationship with the crypto industry in recent times has been inconsistent. The fintech policy chief believes the city-state will be “brutal and unrelentingly hard” on any bad behavior.

Crackdown on Bad Behavior in Crypto

While speaking to Financial Times, Sopnendu Mohanty, Monetary Authority of Singapore’s (MAS) chief fintech officer, said the focus will be to crack down on bad behavior in the crypto industry and added that the central bank has no tolerance for such market participants.

“If somebody has done a bad thing, we are brutal and unrelentingly hard.”

Needless to say, Terra’s collapse, a foreshock of rapid sell-off this month, has forced regulators to harden their stance on the industry. Mohanty believes the world at large is “lost  in private currency,” which is driving the ongoing turmoil in the market.

He admitted that Singapore had imposed a “painfully slow” and “extremely draconian due diligence process” for licensing businesses related to crypto. The chief also said,

“We have been called out by many cryptocurrencies for not being friendly. My response has been: friendly for what? Friendly for a real economy or friendly for some unreal economy?”

Singapore has witnessed the departures of several crypto businesses to the Middle East this year. Many of these entities cited licensing delays and the authorities’ repeated warnings that they do not want retail investors putting funds into crypto because of excessive risk.

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