Singapore – The Monetary Authority of Singapore (MAS) is requesting certain information from some applicants and authorized cryptocurrency companies, Bloomberg reported on Friday, citing people familiar with the matter.

“In light of the various insolvencies and counterparty defaults which have plagued the crypto industry recently, the MAS is likely to be assessing the need for additional regulatory measures to mitigate the risks that led to these distressed scenarios” Hagen Rooke, a partner at law firm Reed Smith LLP in Singapore

Singapore-based hedge fund Three Arrows Capital declared bankruptcy

By the end of the month, both the cryptocurrency exchange Zipmex and the cryptocurrency lender Vauld had stopped accepting withdrawals.

According to Bloomberg, the MAS is requesting specific information from businesses regarding the cryptoassets they own, lending and borrowing counterparties, loan amounts, and top tokens staked using decentralized-finance protocols.

An MAS spokesperson told Bloomberg in response to a query about the requests:

“Licensees and applicants are expected to notify MAS of any events that materially impede or impair the operations of the entity, including any matter which may affect its solvency or ability to meet its financial, statutory, contractual or other obligations.”

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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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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News

Singapore Wants Information About Crypto Companies In Advance Of Potential Regulatory Reforms

Singapore – The Monetary Authority of Singapore (MAS) is requesting certain information from some applicants and authorized cryptocurrency companies, Bloomberg reported on Friday, citing people familiar with the matter.

“In light of the various insolvencies and counterparty defaults which have plagued the crypto industry recently, the MAS is likely to be assessing the need for additional regulatory measures to mitigate the risks that led to these distressed scenarios” Hagen Rooke, a partner at law firm Reed Smith LLP in Singapore

Singapore-based hedge fund Three Arrows Capital declared bankruptcy

By the end of the month, both the cryptocurrency exchange Zipmex and the cryptocurrency lender Vauld had stopped accepting withdrawals.

According to Bloomberg, the MAS is requesting specific information from businesses regarding the cryptoassets they own, lending and borrowing counterparties, loan amounts, and top tokens staked using decentralized-finance protocols.

An MAS spokesperson told Bloomberg in response to a query about the requests:

“Licensees and applicants are expected to notify MAS of any events that materially impede or impair the operations of the entity, including any matter which may affect its solvency or ability to meet its financial, statutory, contractual or other obligations.”

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

Annie

CoinCu News

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