Singapore’s zero tolerance


A little less than a year ago, on these same pages, we placed one request: Singapore is the kingdom of cryptocurrencies? A legitimate question, based on the awareness that, at the time, almost half of the population was in possession of at least one asset. Eleven months have passed and a lot has changed in the world of decentralized finance, including the attention reserved to the sector by international authorities.

In this regard, the intervention of the Monetary Authority: the intention is to take an approach brutal and relentlessly hard to face the action of those who intend to bend the dynamics of this promising industry to their will (and their own interests).

Singapore: hard punch against cryptocurrency shifters

The mission statement came from Sopnendu Mohanty, Chief Fintech Officer of the central bank. The will is therefore that of not stifling innovation, but facing any distortions with a hard fist, so as to protect the economy local and, consequently, investors and citizens.

It is also for this reason that the procedure necessary for obtaining aauthorization to operate in the territory was defined by Mohanty himself as deliberately painfully slow ed extremely draconian. In short, when stability is at stake, there is a regime of intransigence.

We have no tolerance for misconduct of any kind within the market.

A cumbersome thought by some to be excessive. It is the case of Three Arrows Capital, which in April decided to leave Singapore to head for other shores. The same goes for Binancewhich already last December chose to withdraw the application for the license.

However, not everyone was discouraged. For example, the exchange Crypto.com recently received the green light from the Monetary Authority for the provision of its services.

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