![]() “I think there is an extent to which is ready to say one thing and do something quite different,” said an executive at a Singapore-based crypto firm. “In Singapore, as is the case in all other jurisdictions, not all cryptocurrency-related activities are regulated,” MAS said, adding that its “evolving regulatory approach makes Singapore one of the most in the risk management of digital assets”.Īs the crypto crisis takes hold, Singapore regulators have started to take a tougher line, with officials vowing to be “ relentlessly hardon bad behavior in the sector.īut experts said Singapore was not doing enough to punish or investigate possible fraud as a crisis swept through the digital asset industry, triggering an avalanche of losses for retail investors. He added that Hodlnaut had withdrawn its license application, so “the suspension of services is not in violation” of Singapore regulations. He said Three Arrows Capital had “stopped managing funds before the problems that led to its insolvency”. MAS said “none of these troubled companies are licensed by the Monetary Authority of Singapore” under its Payment Services Act, which regulates payment systems, and were therefore not under its jurisdiction. Police did not respond to a request for comment regarding Terraform Labs and Kwon. Singapore police failed to investigate the terraUSD collapse despite filing a complaint, according to local media. The company said the move would “offer a better chance of recovery.” Singapore police said they were “investigating” Hodlnaut. In August, Hodlnaut was placed under judicial interim management. Hodlnaut, a Singaporean crypto lender that received approval in principle from the Monetary Authority of Singapore, halted withdrawals and cut the majority of its employees earlier this year. He added that he was assessing whether any other regulatory breaches had occurred. The Singapore regulator has reprimanded Three Arrows for providing false information and breaching certain asset management thresholds. Co-founders Su Zhu and Kyle Davies haven’t revealed their whereabouts since Three Arrows failed. Management of the company’s single fund was later transferred to an offshore entity in the British Virgin Islands. Three Arrows Capital, a crypto hedge fund that collapsed in junestarted as a fund management company registered in Singapore. “Crypto players prefer to operate in Singapore because of transparent regulations and easy access to investors for funding,” Kim said. “Singapore has the most liberal regulatory environment after Switzerland in terms of investing in crypto,” said Kim Hyoung-joong, director of the Center for Cryptocurrency Research at Korea University. Some of the biggest crypto meltdowns can be traced back to Singapore, which had attracted digital asset companies from around the world. Previously, Singapore was something of a crypto haven. “Whenever one of these companies is mentioned, it is mentioned based in Singapore. “The reputational damage over the past six months is far more serious than is being suggested,” said Kelvin Low, a law professor at the National University of Singapore. KwonThe case isn’t the only high-profile crypto controversy unfolding in Singapore, which until recently touted itself as a digital asset-friendly destination competing with global rivals Dubai and Zurich.Ĭrypto execs and pundits say growing list of scandals and meltdowns has faded Singaporeafter officials touted its stability, sophisticated regulation, and taxation as an advantage for crypto firms and investors. Singapore police said Kwon was not in the city-state. Last week, Kwon showed off Singapore as his location on Twitter, writing that he was make “zero effort” to hide. Not only Kwon’s company, whose stablecoin terraUSD imploded in May, registered in Singapore, but Korean prosecutors believe he visited the city-state in April. digital assets related to the city-state. The international manhunt for Do Kwon, co-founder of collapsed cryptocurrency operator Terraform Labs, has shone a spotlight on Singapore, whose reputation has taken a hit following the failure of several investment funds.
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