November 8, 2024

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Singapore regulatory sandbox lacks qualified crypto payment providers

1 min read
Singapore regulatory sandbox lacks qualified crypto payment providers

The Monetary Authority of Singapore (MAS) has said that no businesses have qualified to participate in its FinTech Regulatory Sandbox framework as cryptocurrency payment providers. 

Responding to a letter criticizing the Singaporean government’s lack of public consultation and oversight on crypto adoption published in the Financial Times, the MAS

Former MAS Chair Tharman Shanmugaratnam — who has historically considered crypto as risky investments — won Singapore’s presidential race.

The president-elect reportedly once called crypto assets “highly volatile” and “highly risky as investment products” in 2021 warnings to Singapore-based users in his role as MAS chair.

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