Singapore's anti-crypto rhetoric has increased in recent weeks, after Terraform Labs'"UST" stablecoin collapsed and helped to spark market uncertainty that has sent the price of many crypto assets tumbling.
In his speech, Menon distanced MAS from the fallen companies."Some crypto players that have come under strain have been reported by the media as being 'Singapore-based,'" said Menon."In reality, these so-called 'Singapore-based' crypto firms have little to do with crypto-related regulation in Singapore."
Menon also clarified that Three Arrows Capital was not regulated under the Payment Services Act. Instead, it had operated under the registered fund management regime to carry out limited fund management business, but ceased to manage funds in Singapore before its insolvency.