{"id":30788,"date":"2022-06-23T08:48:40","date_gmt":"2022-06-23T12:48:40","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=30788"},"modified":"2022-06-23T08:48:47","modified_gmt":"2022-06-23T12:48:47","slug":"singapore-regulator-plans-to-adopt-brutal-approach-towards-crypto","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/singapore-regulator-plans-to-adopt-brutal-approach-towards-crypto\/","title":{"rendered":"Singapore Regulator Plans To Adopt ‘Brutal’ Approach Towards Crypto"},"content":{"rendered":"\n
Singapore is trying to stiffen its position on cryptocurrency as the Monetary Authority of Singapore (MAS) has zero-tolerance for bad market behavior.<\/h5>\n\n\n\n
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Singapore, long seen as a tax haven for cryptocurrencies, has chosen to toughen its position on the trading of digital assets. The Monetary Authority of Singapore (MAS) intends to take a harsh stance.<\/p>\n\n\n\n

According to a report, MAS CFO Sopnendu Mohanty inquired about the value of personal cryptos. Meanwhile, he stated that a state-backed digital token would be launched within three years.<\/p>\n\n\n\n

Mohanty brought up the fact that numerous cryptocurrencies have labeled the authority as unfriendly. He stated that his response was, “Friendly for what?” For a real economy or some fictitious economy.<\/p>\n\n\n\n

According to the CFO, they have zero tolerance for bad market behavior\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. If someone has done something wrong, we are severe and unforgiving.<\/p>\n\n\n\n

This announcement comes amid the continued downfall of the global cryptocurrency market. The market has been shaken by the recent record decline of Terra's native token LUNA<\/a> and Stablecoin UST<\/a>. Previously, cryptocurrency exchanges such as Bybit and Binance avoided the country as the authorities issued more explicit and rigorous recommendations.<\/p>\n\n\n\n

However, another digital asset market, Crypto.com, has acquired a preliminary license to operate in Singapore. Crypto businesses including Genesis and Sparrow have also received licenses to operate in the country.<\/p>\n\n\n\n

Meanwhile, Mohanty has targeted South Korean prosecutors in his pursuit of Terraform Labs, which is now based in Singapore. The meltdown caused a $40 billion shortfall in the cryptocurrency market overnight. Recently, Three Arrows Capital<\/use><\/svg><\/span><\/a>, a hedge fund capital, incurred a massive loss after failing to meet margin calls.<\/p>\n\n\n\n

The Singaporean authorities' stance appears to have shifted as a result of the crypto downturns. Officer went on to say that “the globe at large is losing in private cash, resulting in the recent market turbulence.”<\/p>\n\n\n\n

“According to the report, the nation has enforced a \u201cpainfully slow\u201d and \u201cextremely draconian due diligence process\u201d for licensing crypto companies.”<\/p><\/blockquote><\/figure>\n","protected":false},"excerpt":{"rendered":"

Singapore is trying to stiffen its position on cryptocurrency as the Monetary Authority of Singapore (MAS) has zero-tolerance for bad market behavior. Singapore, long seen as a tax haven for cryptocurrencies, has chosen to toughen its position on the trading of digital assets. The Monetary Authority of Singapore (MAS) intends to take a harsh stance. […]<\/p>\n","protected":false},"author":33,"featured_media":30790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,26],"tags":[],"class_list":["post-30788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-cryptocurrencies"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/monetary-authority-of-singapore-580x358-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=30788"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/30790"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=30788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=30788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=30788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}