Sopnendu Mohanty also said that the MAS would enforce a "painfully slow" and "extremely draconian due diligence process" for digital assets firms to gain licenses to operate in Singapore.
The project will develop and pilot use cases focused on four main areas: open, interoperable networks, trust anchors, asset tokenization, and institutional-grade DeFi protocols.
Digital asset firms registered in Singapore but operating outside the country will now be under the jurisdiction of the Monetary Authority of Singapore under the new law, which is sparking debate.
Singapore’s central bank says that the sector is still nascent and rather than regulating it in its current form, it will take a tech-neutral stance.
The Monetary Authority of Singapore recently clamped down on avenues that led investors to get into digital assets on impulse, and ATMs were high on the list.
VASPs must not advertise on public transport venues, broadcast media, third-party websites, or roadshows and must not turn to influencers on social media, according to Singapore’s central bank.
The Monetary Authority of Singapore is rejecting more applications than it is accepting, with only five entities licensed to operate in the country at the moment.
2021 has been a troubled year for Binance: it was blocked by many major banks in the U.K., booted out of several countries, and accused of market manipulation and insider trading.
Bitget listed and promoted Army Coin, which claimed affiliation with the popular K-pop boyband, but BTS has denied links, and the MAS has suspended license.
After more than a week of deliberations, the federal jury finally delivered the long-awaited verdict in the Kleiman v Wright civil trial—Dr. Craig Wright is the sole creator of Bitcoin.
Central Bank President Julio Velarde said the government is partnering with countries with more advanced experience in developing its central bank digital currency, such as India, Singapore, and Hong Kong.