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.
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.”

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

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.

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

56 minutes ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

1 hour ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

2 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

3 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

6 hours ago

This website uses cookies.