Mr Wong said the collapse of FTX and other major crypto platforms should bring about “much-needed rationalisation” in the cryptocurrency space.
At the moment, financial institutions providing cryptocurrency services in Singapore, also known as digital payment token service providers, are regulated by MAS on money laundering, terrorist financing and technology risks. “MAS has been consistently warning since 2017 that dealing in cryptocurrencies is hazardous and recent events have underscored these hazards,” he said.as there was no evidence the platform was soliciting users in Singapore., which was placed on the investor alert list for actively soliciting users in Singapore without a valid licence, and is being investigated for possible violation of the Payment Services Act.
While authorities also have plans to implement appropriate regulatory measures to protect retail investors, Mr Wong stressed that MAS “will not be able to prevent DPT service providers from failing, or customers from suffering losses”.
Don’t console yourself! It is a huge loss to the taxpayers and someone needs to be accounted for!
I take umbrage that the money was lost not because of normal investment but that we had been scammed which we didn't even know until too late. There is a big question on due diligence hanging over the heads.
Lmao a quarter billion USD = 'very limited impact'. Next the PAP will be telling Singaporeans to eat cake if they have no bread. McStackinn
'very limited' 🤣🤣
The bigger story is what was the due diligence done (or lack there of) by Temasek to invest in FTX🤔
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