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Singapore needs harsher response to crypto fallout to preserve reputation as responsible hub

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Kelly Ng

Kelly Ng

Published Tue, Jul 5, 2022 · 05:50 AM
    • MAS has made its stance clear by reiterating that cryptocurrencies are not suitable investments for retail investors.
    • MAS has made its stance clear by reiterating that cryptocurrencies are not suitable investments for retail investors. PHOTO: PIXABAY

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    AS international authorities launch probes into recent cryptocurrency-related collapses, Singapore’s regulators have also started moving. Industry players, however, are questioning if it is moving fast enough, and with sufficient force.

    Last week, the Monetary Authority of Singapore (MAS) reprimanded crypto hedge fund Three Arrows Capital for providing false information and exceeding its assets under management threshold. MAS also revealed it has been investigating Three Arrows since 2021.

    But a reprimand seems mild given what other authorities have done.

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