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ONE OF THE MOST CRYPTO FRIENDLY COUNTRY SINGAPORE TOOK STRONG STEP AGAINST CRYPTO

ONE OF THE MOST CRYPTO FRIENDLY COUNTRY SINGAPORE TOOK STRONG STEP AGAINST CRYPTO

The Singapore financial regulator and the central bank are committed to being "cruel and extremely difficult" to any "misconduct" from the cryptocurrency industry.


The statement was made by the Chief Executive Officer of the Monetary Authority of Singapore (MAS) Sopnendu Mohanty, explaining in an interview that "when a person does something wrong, we are constantly being cruel and difficult."


He also referred to the comments of some crypto market participants who have criticized the regulator for not being friendly enough to crypto, and instead questioned the legitimacy of the market, saying:


“We have been called by many cryptocurrencies unfriendly, my response has been: What kind of friends do we have? Is it friendly to the real economy or is it friendly to some non-real economy? ”

A fintech official believes the world is "lost in private money" and is the cause of market turmoil. Mohanty added that the city has approved a "very complex" and "slow-moving" process of appropriate licensing for crypto businesses that responds to the regulatory status of the regulator in respect of crypto.


Singapore introduced crypto company licenses in January 2020 and has been adamant that companies be licensed. Cointelegraph reported in December 2022 that MAS re-authorized more than 100 licenses for applicant companies.


In January cryptocurrency providers were banned from advertising their services in public places such as public transport via social media and printing, distribution and social media platforms.

MAS

MAS expands its police capabilities to crypto companies, in April the regulator approved new requirements for companies to obtain licenses and be subject to anti-Revenue and Anti-Terrorism Funding requirements if they want to provide services abroad.


Many crypto businesses were established in Singapore due to both low taxes and the perception that the city was once crypto-friendly but the tightness of control shows that it is changing as the country focuses on Central Bank Digital Currency (CBDC) currencies. ).


On June 21, payment system provider, the Mojaloop Foundation opened the CBDC Center of Excellence (COE) in Singapore recognizing MAS in its Working Group and Mohanty as board advisor.


With the opening of COE Mohanty thinks that another government-sponsored cryptocurrency could be introduced within three years.


COE aims to reduce the cost and inefficiency of payment platforms and cross-border payments, Mohanty said he welcomed the move "as a step forward in the future of financial services".

Source: cointelegraph




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