Singapore’s financial regulator and the central bank have pledged to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry.
The comments come from the Monetary Authority of Singapore (MAS)’s chief fintech officer Sopnendu Mohanty, explicând in an interview that “if somebody has done a bad thing, we are brutal and unrelentingly hard.”
El a răspuns, de asemenea, la retorica anumitor participanți la piața cripto care au criticat autoritatea de reglementare pentru că nu este suficient de prietenoasă cu cripto, și în schimb a pus sub semnul întrebării legitimitatea pieței, spunând:
„Am fost chemați de multe criptomonede pentru că nu suntem prietenoși, răspunsul meu a fost: prietenos pentru ce? Prietenos pentru o economie reală sau prietenos pentru o economie ireală?”
Șeful fintech crede că lumea este „pierdută în valută privată” și este cauza din spatele tulburări mai ample ale pieței. Mohanty added the city-state enacted an “extremely draconian” and “painfully slow” due diligence process for licensing crypto businesses in response to the conservative stance the regulator has toward crypto.
Singapore introduced licensing for crypto firms in January 2020 and has been stringent on which companies can be approved for a license. Cointelegraph reported in December 2022 that the MAS had aprobări respinse pentru peste 100 de licențe de la companiile care au aplicat.
In January, cryptocurrency providers were barred from advertising their services in public areas such as public transportation and extended to public websites as well as print, broadcast and social media.
MAS is extending its ability to police crypto businesses, too. In April, autoritatea de reglementare a adoptat noi cerințe for firms to obtain a license and be subject to Anti-Money Laundering (AML) and Combating the Financing of Terrorism requirements if they wanted to provide services outside of the country.
Related: Singapore va explora tokenizarea activelor digitale în lanțurile publice
Multe afaceri cripto s-au înființat în Singapore atât datorită impozitelor sale scăzute, cât și a percepției că orașul-stat era una dintre cele mai prietenoase cu cripto-ul but the regulatory tightening suggests that is changing as the country focuses on its moneda digitala a bancii centrale (CBDC).
On Tuesday, payment systems provider the Mojaloop Foundation deschis a CBDC Center of Excellence (COE) in Singapore, which sees MAS on its Working Group and Mohanty as a board adviser.
With the opening of the COE, Mohanty thinks a state-backed alternative cryptocurrency could be launched within three years.
The COE is aimed at reducing costs and inefficiencies of payment platforms and cross-border payments. Mohanty said he welcomed the move as a “step forward into the future of financial services”.
Source: https://cointelegraph.com/news/brutal-and-unrelentingly-hard-singapore-regulator-s-clampdown-on-crypto