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Singapore Monetary Authority Strengthens Suppression Of Crypto Crimes

The Singapore Monetary Authority (MAS) stated that illicit crypto-related enterprises are functioning in the city-state and that it is collaborating with authorities to locate and prosecute them.
Singapore Monetary Authority Strengthens Suppression Of Crypto Crimes 3

Tharman Shanmugaratnam, senior minister and minister in charge of MAS, responded to a Parliamentary question by saying that the central bank has been undertaking surveillance to identify unlicensed enterprises that unlawfully provide digital payment token (DPT) services in Singapore.

When the central bank thinks a license applicant is engaging in illegal activity, it will report the case to the police for inquiry, according to Tharman.

MAS is collaborating with the police to combat cryptocurrency frauds, and the two have published warnings warning customers to be wary of bogus websites soliciting Bitcoin investments, according to Tharman.

Singapore Monetary Authority Strengthens Suppression Of Crypto Crimes 4

The central bank of the island country has warned that cryptocurrency transactions employing privacy coins and privacy wallets in Singapore are vulnerable to abuse by criminals since they are meant to conceal the identities of those behind the transactions.

Furthermore, this year, crypto-related enterprises with operations in Singapore, such as the Three Arrows Capital hedge fund, and the $40 billion collapse of the Terra-LUNA stablecoin project have either filed for bankruptcy or gone into liquidation.

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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.

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