According to Bloomberg, Sopnendu Mohanty, chief financial technology officer of the Monetary Authority of Singapore (MAS), said in an interview that more than 300 companies have applied for MAS licenses to operate payment or cryptocurrency exchanges in Singapore, including Alibaba, Binant, Google parent company and other well-known companies.
Sopnendu Mohanty spoke about fintech developments in the country, as well as cryptocurrencies and CBDC issues.
However, Mohanty said the applications were still being processed and there was no timetable for them, adding that the granting of such licenses would give the company a huge advantage and should not be taken lightly. “We will ensure that companies that receive MAS licences from the MAS are trustworthy.”
With regard to cryptocurrency trading, the private sector in Singapore is already heavily involved in the sector. The SGX is striving to become Asia’s BTC and ETH pricing hub, and Singapore’s DBS Bank has launched Asia’s first bank-backed cryptocurrency trust solution.
But Singapore’s government has repeatedly warned citizens of the risks of investing in cryptocurrencies. Singapore has repeatedly warned the public about the risks of trading cryptocurrencies such as bitcoin. The MAS also has the power to impose additional measures on digital token service providers if necessary to regulate platforms that offer cryptocurrency trading services.
The Monetary Authority of Singapore (MAS) points out that most cryptocurrency trading platforms are located outside Singapore. MAS believes that it is difficult to verify the authenticity or credibility of these trading brokers or platforms, and therefore the risk of fraud is high. In addition, cryptocurrency transactions are often conducted anonymously, making them vulnerable to misuse for illegal activities.
The Monetary Authority of Singapore is exhorting the public to participate with caution, including in speeches to Parliament. If people want to buy such risky assets, it is their choice.
Generic platforms like Partior (a Singapore-based joint venture between JPMorgan Chase, Temasek, and DBS Bank that is a blockchain-based payment, trading, and foreign exchange settlement platform) are becoming the backbone. When the trunk is established, transactions flow through the trunk and eventually become more mainstream. This shift has value for how people think about payments and money.
The Monetary Authority of Singapore will continue to monitor developments in the cryptocurrency industry and regularly review the completeness and adequacy of our regulations.