Singapore’s chief fintech officer vowed to be “brutal and unrelentingly hard” on bad behavior in crypto and talked up a 'draconian' regulatory scheme.
Singapore’s financial regulator and central bank has pledged to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry.
The comments come from Monetary Authority of Singapore ’s chief fintech officer Sopnendu Mohanty, explaining in anHe also hit back at the rhetoric of certain crypto market participants who have criticized the regulator for not being friendly enough to crypto, and instead questioned the legitimacy of the market, saying:
“We have been called out by many cryptocurrencies for not being friendly, my response has been: Friendly for what? Friendly for a real economy or friendly for some unreal economy?”. Mohanty added the city-state enacted an “extremely draconian” and “painfully slow” due diligence process for licensing crypto businesses in response to the conservative stance the regulator has towards crypto.
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