{"id":63359,"date":"2022-06-23T14:08:32","date_gmt":"2022-06-23T11:08:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63359"},"modified":"2025-09-05T23:33:58","modified_gmt":"2025-09-05T20:33:58","slug":"singapore-central-bank-threatens-unscrupulous-players-in-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/singapore-central-bank-threatens-unscrupulous-players-in-the-crypto-industry\/","title":{"rendered":"Singapore central bank threatens unscrupulous players in the crypto industry"},"content":{"rendered":"

Singapore will be “cruelly and relentlessly hard” in tackling violations in the cryptocurrency industry. This was stated by Sopnendu Mohanty, director of the fintech division at MAS<\/span>, in an interview with Financial Times<\/a>.<\/p>\n

He questioned the value of most cryptocurrencies and said that within three years there would be an alternative in the form of government-backed central bank digital currencies.<\/p>\n

\n

\u201cMany in the crypto industry consider us unfriendly. My answer: friendly toward what? The real economy or some unreal economy?\u201d<\/p>\n<\/blockquote>\n

According to him, MAS does not intend to turn a blind eye to dishonest market participants. He stressed that if such players are found, the regulator’s response will be “cruel and relentlessly hard.”<\/p>\n

Mohanty noted that Singapore deploys a “painfully slow” and “extremely draconian” process of due diligence for licensing crypto businesses.<\/p>\n

According to the regulator, in 2021 around 100 companies either \u043e\u0442\u043e\u0437\u0432\u0430\u043b\u0438<\/a> their license applications or were refused.<\/p>\n

Approval to operate is held by the brokerage arm of Singapore’s largest bank DBS Bank<\/a> and the Australian cryptocurrency exchange Independent Reserve<\/a>. In March 2022, the regulator also granted a license<\/a> to provide crypto- and other digital-asset-related services to Paxos.<\/p>\n

At the same time, MAS is not opposed to digital assets overall. He said that a consortium of companies led by Mojaloop and Temasek is aiming to embed a digital currency into the cross-border payments system.<\/p>\n

\n

\u201cWe are tirelessly building the infrastructure of the economy of the future, which may be based on digital assets,\u201d he said.<\/p>\n<\/blockquote>\n

In May 2022, MAS initiated Project Guardian<\/a>. Under this framework, the regulator, together with JPMorgan, Marketnote and DBS, aims to study the capabilities of DeFi protocols.<\/p>\n

In February, DBS Bank said it planned to open by the end of 2022 an investor-facing platform for trading digital assets<\/a>.<\/p>\n

In January 2022, MAS advised industry players not to advertise their services<\/a> to the general public to avoid the risk of speculation.<\/p>\n

Read ForkLog’s Bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore will be “cruelly and relentlessly hard” in tackling violations in the cryptocurrency industry, said Sopnendu Mohanty, director of MAS’s fintech division.<\/p>\n","protected":false},"author":1,"featured_media":63360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2207,36,946],"class_list":["post-63359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-mas","tag-regulation","tag-singapore"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=63359"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63359\/revisions"}],"predecessor-version":[{"id":63361,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63359\/revisions\/63361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/63360"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=63359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=63359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=63359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}