Singapore authorities initiate checks on crypto firms

The Monetary Authority of Singapore (MAS) has sent requests to cryptocurrency companies regarding their activities and assets. Bloomberg reports, citing sources.

According to agency sources, the regulator is seeking detailed information on business activity, in particular financial health, creditors and borrowers of the firms.

In July, MAS head Ravi Menon emphasised, that the Singapore-linked Terra ecosystem Terra, the bankrupt hedge fund Three Arrows Capital and the crypto-lending platform Vauld did not receive the regulator’s licences.

Requests are directed ahead of planned tightening of regulatory oversight of the digital assets industry. In June authorities promised to fight violations in the industry ‘cruelly and relentlessly’.

Earlier, Sopnendu Mohanty, MAS’s fintech head, highly regarded Binance, Ripple and Crypto.com in the context of regulatory compliance.

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