Monetary Authority of Singapore: Not all activities related to cryptocurrencies are regulated

2022-10-06 16:13:14

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Chain Catcher News, Tharman Shanmugaratnam, Senior Minister and Minister in Charge of the Monetary Authority of Singapore, stated in response to parliamentary questions that not all activities related to Digital Payment Tokens (DPT) are regulated. Companies providing services involving the purchase, sale, or facilitation of DPT exchange will be regulated under Singapore's Payment Services Act 2019 (PS Act).

According to previous reports by Chain Catcher, Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore, stated that there will be a crackdown on cryptocurrency speculation. Sopnendu Mohanty mentioned that many promotional advertisements for projects at TOKEN2049 in Singapore completely failed to mention risk-related issues, and the Monetary Authority needs to make the market aware that this asset class is not suitable for retail investors. (Source link)

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