{"id":193410,"date":"2023-09-08T09:40:06","date_gmt":"2023-09-08T09:40:06","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=193410"},"modified":"2023-09-08T09:40:06","modified_gmt":"2023-09-08T09:40:06","slug":"singapore-regulatory-sandbox-lacks-qualified-crypto-payment-providers","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/singapore-regulatory-sandbox-lacks-qualified-crypto-payment-providers\/","title":{"rendered":"Singapore regulatory sandbox lacks qualified crypto payment providers"},"content":{"rendered":"

The Monetary Authority of Singapore (MAS) has said that no businesses have qualified to participate in its FinTech Regulatory Sandbox framework as cryptocurrency payment providers.\u00a0<\/p>\n

Responding to a letter criticizing the Singaporean government\u2019s lack of public consultation and oversight on crypto adoption published in the Financial Times, the MAS clarified that the country does not have a \u201ccrypto sandbox\u201d but rather a sandbox that supports a broad range of fintech experimentation.<\/p>\n

The\u00a0letter criticized Singapore for \u201cunwisely\u201d allowing crypto companies access to Singapore\u2019s Fast and Secure Transfers (FAST) interbank payment system. The electronic funds transfer system enables customers of participating entities to transfer Singapore dollar funds from one entity to another in Singapore.<\/p>\n

<\/p>\n

However, the MAS clarified that all businesses with a valid bank account can access the FAST system, including crypto businesses, stating, \u201cPayments through FAST are in fiat currencies, not cryptocurrencies.\u201d<\/p>\n

The regulator then stated that the rising malware scam cases in Singapore had nothing to do with cryptocurrencies, claiming that, on the contrary, such scams are more prevalent in the fiat economy:<\/p>\n

\u201cThese scams entail fraudsters taking control of customers\u2019 mobile devices and effecting unauthorized transfers through the banking system in fiat currencies.\u201d<\/p><\/blockquote>\n

In its fight against money laundering, Singapore provides operational licenses to crypto businesses that can showcase robust Anti-Money Laundering (AML) controls.<\/p>\n

\u201cAs these measures are progressively implemented from the end of this year onwards, Singapore will have one of the strictest regulatory regimes in the world governing retail access to cryptocurrencies.\u201d<\/p><\/blockquote>\n

In this regard, the MAS recently consulted the public on a suite of regulatory measures to mitigate the risks posed by cryptocurrencies to retail customers.<\/p>\n

Related: <\/em><\/strong>Coinbase signals EU, Canada, Brazil, Singapore and Australia as priorities<\/em><\/strong><\/p>\n

Former MAS Chair Tharman Shanmugaratnam \u2014 who has historically considered crypto as risky investments \u2014 won Singapore\u2019s presidential race.<\/p>\n

The president-elect reportedly once called crypto assets \u201chighly volatile\u201d and \u201chighly risky as investment products\u201d in 2021 warnings to Singapore-based users in his role as MAS chair.<\/p>\n

Magazine:\u00a0NFT collapse and monster egos feature in new Murakami exhibition<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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