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Considered the tax haven for cryptocurrencies, Singapore has now decided to harden its stance on the trade of digital assets. The Monetary Authority of Singapore (MAS) aims to opt a brutal approach.
MAS has no tolerance for bad market behaviour
According to a report, Sopnendu Mohanty, CFO of MAS, Inquired about the worth of personal cryptos. Meanwhile, he added that he expected a state backed digital token to be launched within three years.
Mohanty raised the point that many cryptocurrencies have called the authority nonfriendly. He mentioned that his reply has been, Friendly for what? For a real economy or for some unreal economy.
CFO said that they have no tolerance for any bad market behaviour. We are brutal and unrelentingly hard if somebody has done a bad thing.
This statement has come amid the ongoing collapse of the global crypto market. The recent historic fall of Terra’s native token LUNA and Stablecoin UST has jolted the market. Earlier, Crypto exchanges like Bybit and BINANCE have shunned the nation as the watchdog came up with more specific and restrictive guidelines.
