{"id":467024,"date":"2022-06-24T08:01:32","date_gmt":"2022-06-24T05:01:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/brutal-and-unrelentingly-hard-singapore-regulators-clampdown-on-crypto\/"},"modified":"2022-06-24T08:01:32","modified_gmt":"2022-06-24T05:01:32","slug":"brutal-and-unrelentingly-hard-singapore-regulators-clampdown-on-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/brutal-and-unrelentingly-hard-singapore-regulators-clampdown-on-crypto\/","title":{"rendered":"# &#8216;Brutal and unrelentingly hard&#8217;: Singapore regulator&#8217;s clampdown on crypto"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a368db4ceb7d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a368db4ceb7d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/brutal-and-unrelentingly-hard-singapore-regulators-clampdown-on-crypto\/#%E2%80%9D_%E2%80%98Brutal_and_unrelentingly_hard_Singapore_regulators_clampdown_on_crypto_%E2%80%9C\" >&#8221; &#8216;Brutal and unrelentingly hard&#8217;: Singapore regulator&#8217;s clampdown on crypto  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_%E2%80%98Brutal_and_unrelentingly_hard_Singapore_regulators_clampdown_on_crypto_%E2%80%9C\"><\/span>&#8221; &#8216;Brutal and unrelentingly hard&#8217;: Singapore regulator&#8217;s clampdown on crypto  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvZmU5OGIxZDctMWI0MC00NGY1LTg0NTUtMmU2ZDY2NzRlZGYzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Singapore\u2019s financial regulator and central bank has pledged to be \u201cbrutal and unrelentingly hard\u201d on any \u201cbad behavior\u201d from the cryptocurrency industry.<\/p>\n<p>The comments come from Monetary Authority of Singapore (MAS)\u2019s chief fintech officer Sopnendu Mohanty, explaining in an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/aae591e1-b291-493c-94c6-6babcb682831\">interview<\/a> that \u201cif somebody has done a bad thing, we are brutal and unrelentingly hard.\u201d<\/p>\n<p>He also hit back at the rhetoric of certain crypto market participants who have criticized the regulator for not being friendly enough to crypto, and instead questioned the legitimacy of the market, saying:<\/p>\n<blockquote><p>\u201cWe have been called out by many cryptocurrencies for not being friendly, my response has been: Friendly for what? Friendly for a real economy or friendly for some unreal economy?\u201d <\/p><\/blockquote>\n<p>The fintech chief believes the world is \u201clost in private currency\u201d and is the cause behind the wider market turmoil. Mohanty added the city-state enacted an \u201cextremely draconian\u201d and \u201cpainfully slow\u201d due diligence process for licensing crypto businesses in response to the conservative stance the regulator has towards crypto.<\/p>\n<p>Singapore introduced licensing for crypto firms in January 2020 and has been stringent on which companies are <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved for a license. Cointelegraph reported in December 2022 that the MAS had knocked-back approvals for over 100 licenses from companies who had applied.<\/p>\n<p>In January cryptocurrency providers were barred from advertising their services in public areas such as public transportation which extended to public websites as well as print, broadcast and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>.<\/p>\n<p>MAS is extending its ability to police crypto businesses too, in April the regulator passed new requirements for firms to obtain a license and be subject to Anti-Money Laundering and Combating the Financing of Terrorism requirements if they wanted to provide services outside of the country.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Singapore to explore digital asset tokenization on public chains<\/em><\/strong><\/p>\n<p>Many crypto businesses were set up in Singapore due to both its low taxes and the perception that the city-state was one of the more crypto-friendly but the regulatory tightening suggests that is changing as the country focuses on its Central Bank Digital Currency (CBDC).<\/p>\n<p>On June 21 payment systems provider, the Mojaloop Foundation <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20220621006160\/en\/Mojaloop-Foundation-Launches-the-Mojaloop-CBDC-Center-of-Excellence-in-Singapore\">opened<\/a> a CBDC Center of Excellence (COE) in Singapore which sees MAS on its Working Group and Mohanty as a board advisor.<\/p>\n<p>With the opening of the COE Mohanty thinks a state-backed alternative cryptocurrency could be launched within three years.<\/p>\n<p>The COE is aimed at reducing costs and inefficiencies of payment platforms and cross-border payments, Mohanty said he welcomed the move as a \u201cstep forward into the future of financial services\u201d.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/brutal-and-unrelentingly-hard-singapore-regulator-s-clampdown-on-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; &#8216;Brutal and unrelentingly hard&#8217;: Singapore regulator&#8217;s clampdown on crypto &#8220; Singapore\u2019s financial regulator and central bank has pledged to be \u201cbrutal and unrelentingly hard\u201d on any \u201cbad behavior\u201d from the cryptocurrency industry. The comments come from Monetary Authority of Singapore (MAS)\u2019s chief fintech officer Sopnendu Mohanty, explaining in an interview that \u201cif somebody has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":467025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvZmU5OGIxZDctMWI0MC00NGY1LTg0NTUtMmU2ZDY2NzRlZGYzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,75046,74860,75917,70610,55229,70934,5012],"class_list":["post-467024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-cbdc","tag-cryptocurrency-exchange","tag-exchanges","tag-finance","tag-law","tag-regulation","tag-singapore"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/467024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=467024"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/467024\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/467025"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=467024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=467024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=467024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}