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News

Terra and 3AC Have Been Operating “Underground” In Singapore, According To MAS

July 20, 2022 - Around 2 mins mins to read
Ravi Menon, director of the Monetary Authority of Singapore (MAS), said that companies often attributed to market volatility (Terra & 3AC) by the media recently are “headquartered in Singapore,” not representing represents the country’s approach to digital currency regulation.
image 1206
Ravi Menon

In a speech about the MAS Annual Report on Tuesday, Menon said crypto firms like TerraForm Labs and 3AC have “nothing to do” with crypto regulation in Singapore.

According to the director of MAS, 3AC is not regulated under the country’s Payment Services Act and had “discontinued management of funds in Singapore” before reports that they could not respond to margin calls.

Menon also criticized the associations TerraForm Labs and Luna Foundation Guard – the foundation behind TerraUSD (formerly UST), saying that the companies “are not licensed or regulated by the MAS, nor have they applied for a license or applied for a license.”

image 1205
Terra and 3AC Have Been Operating “Underground” In Singapore, According To MAS 3

Cryptocurrency lender Vauld (suspended withdrawals, trading, and deposits in July) has applied for a license to operate in Singapore but operates unlicensed alongside Terra and Luna in the market downturn.

“The crypto industry globally is still evolving, and regulation is still catching up with industry trends. Singapore is often seen as being at the forefront, with a clear licensing and regulatory framework. But the focus of crypto regulation to date in Singapore, as well as in most major jurisdictions, has been on containing money laundering and terrorist financing risks.”

MAS’s chief fintech officer, Sopnendu Mohanty, said in June that the regulator would be “aggressive and relentlessly tough” on companies with bad behavior. The financial watchdog reprimanded 3AC for providing false information, accusing the company of having assets under management above the amount allowed under the guidelines.

“MAS and relevant government agencies will take firm enforcement action if any entity is found to be conducting illegal activities or performing regulated activities without a license,” said Menon.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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3AC

LUNA

MAS

Ravi Menon

Singapores

Terra

Terraform Labs

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Terra and 3AC Have Been Operating “Underground” In Singapore, According To MAS

Ravi Menon, director of the Monetary Authority of Singapore (MAS), said that companies often attributed to market volatility (Terra & 3AC) by the media recently are “headquartered in Singapore,” not representing represents the country’s approach to digital currency regulation.
image 1206
Ravi Menon

In a speech about the MAS Annual Report on Tuesday, Menon said crypto firms like TerraForm Labs and 3AC have “nothing to do” with crypto regulation in Singapore.

According to the director of MAS, 3AC is not regulated under the country’s Payment Services Act and had “discontinued management of funds in Singapore” before reports that they could not respond to margin calls.

Menon also criticized the associations TerraForm Labs and Luna Foundation Guard – the foundation behind TerraUSD (formerly UST), saying that the companies “are not licensed or regulated by the MAS, nor have they applied for a license or applied for a license.”

image 1205
Terra and 3AC Have Been Operating “Underground” In Singapore, According To MAS 6

Cryptocurrency lender Vauld (suspended withdrawals, trading, and deposits in July) has applied for a license to operate in Singapore but operates unlicensed alongside Terra and Luna in the market downturn.

“The crypto industry globally is still evolving, and regulation is still catching up with industry trends. Singapore is often seen as being at the forefront, with a clear licensing and regulatory framework. But the focus of crypto regulation to date in Singapore, as well as in most major jurisdictions, has been on containing money laundering and terrorist financing risks.”

MAS’s chief fintech officer, Sopnendu Mohanty, said in June that the regulator would be “aggressive and relentlessly tough” on companies with bad behavior. The financial watchdog reprimanded 3AC for providing false information, accusing the company of having assets under management above the amount allowed under the guidelines.

“MAS and relevant government agencies will take firm enforcement action if any entity is found to be conducting illegal activities or performing regulated activities without a license,” said Menon.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News