Monetary Authority of Singapore: The bankruptcy of crypto entities has not had a significant impact on the global financial system

ChainCatcher news, the Monetary Authority of Singapore (MAS) released its annual financial stability assessment on Friday (November 25), which pointed out that Singapore's households, businesses, and financial sector remain resilient to market shocks, but should stay vigilant in more challenging circumstances.

In terms of cryptocurrency, the MAS noted that recent bankruptcies of crypto entities highlight the risk of contagion within the global ecosystem, but due to the limited connections between the crypto industry and traditional finance, these events have not had a significant impact on the broader global financial system. "Given the rapidly growing potential of the global crypto asset ecosystem, vulnerabilities related to crypto and their impact on global financial stability need to be closely monitored and appropriate regulations implemented." (source link)