Singapore Watchdog Commends Crypto’s Big Players as Industry Turns to Dubai | news

The Monetary Authority of Singapore (MAS) has been praised by big players of the crypto industry such as Binance, Ripple and Crypto.com, saying the CEO’s of these companies are “fully committed to building secure and sustainable innovation,” Bloomberg reports.

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Sopanedu Mohanty, Chief Fintech Officer of the MAS, added that big crypto businesses are solving “real problems and identifying real-economy opportunities.” He declined to elaborate on the matter.

Mohanty’s comments come just a few days after he said that the crypto market has nothing to do with the real economy. He also noted that the watchdog will be “brutal and unrelentingly hard” on illegal activity conducted by crypto businesses.

In December 2021, reports accused the MAS of double standards as the country’s financial watchdog refused to grant licenses to over 100 crypto-related companies out of 176 applications.

As Singapore’s stance on how to treat crypto businesses has become opaque, more companies are turning to Dubai, looking for a new safe harbor. For instance, reports said in May 2022 that Binance was preparing to launch payment and trading services based on licenses obtained in Dubai and Bahrain.

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