Binance, Ripple and Crypto.com deserve high marks for regulatory compliance. This was stated by Sopnendu Mohanty, director of the fintech division at the MAS, Bloomberg reports.
The official softened his previous comment addressed to unscrupulous participants in the crypto industry. In June he threatened to crack down on violations “relentlessly hard”.
“The leaders […] (Binance, Crypto.com, Ripple and others) are fully committed to creating safe and sustainable innovations. […] It is encouraging to see among company leaders an understanding of the need to comply with regulatory requirements”, Mohanty wrote.
The official was cautious in his assessments, a trait that has long characterised Singapore’s approach to crypto industry participants, the agency noted.
“Web3/Crypto is an emerging industry, but promises outpace technological maturity. The space is filled with speculators and scammers, as well as clickbait headlines. Do not throw the baby out with the bathwater,” the official concluded.
Back in January 2022, MAS advised industry companies not to advertise their services to the general public to avoid the risk of speculation.
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