News

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.

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 us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

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

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

37 mins ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

4 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

6 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

6 hours ago

This website uses cookies.