Singapore authorities announced a “cruel and ruthless” prosecution of all crypto-criminals

The Monetary Authority of Singapore (MAS) after the collapse of the Terra project and, having convinced of the correctness of the strict regulation of digital assets, intends to further tighten the punishment for cryptocrimes.

Sopnendu Mohanty, Chief Financial Technology Officer of the Monetary Authority of Singapore (MAS), during an interview on June 23, said that in connection with the global tightening of the policy of regulators after the default of Terra, their department is ready to take “cruel and ruthless» position towards criminals using cryptocurrencies for illegal purposes.

“From now on, we will not tolerate any illegal behavior in the cryptocurrency market. If someone does something illegal with digital assets, we will punish them severely and ruthlessly.” Mohanty said.

Despite MAS’s tough stance, the head of fintech is concerned about the value of stablecoins as Singapore aims to launch a government-backed stablecoin within three years.

“Many crypto companies have reproached us for not being friendly. My answer was: friendly for what? Friendly to the real economy, or friendly to some fake economy? asks Mohanty.

The head of financial technology at MAS believes that “the world as a whole has lost the stablecoin that caused all this market turmoil.”

At the same time, he reported that he was glad more than once after the fall of Terra, that Singapore “with due diligence” implemented a painfully slow and extremely draconian process for licensing crypto businesses. Recall that in 2021, the Singapore authorities refused to license more than 100 crypto companies.

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