BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Singapore’s Financial Authority Clears Air on Crypto Access and Oversight

BlockNews Team by BlockNews Team
September 11, 2023
in CRYPTO, MEDIA, SOCIAL
Reading Time: 3 mins read
1
SHARES
14
VIEWS
Share on XShare in TelegramShare on Reddit
  • The Monetary Authority of Singapore reveals that no businesses qualify for its FinTech Regulatory Sandbox as crypto payment providers.
  • Singapore’s Fast and Secure Transfers system, a means for electronic funds transfer, is open to all businesses, including those in the crypto sector.
  • The city-state aims to bolster its fight against money laundering by implementing rigorous measures, making its crypto regulations among the world’s strictest.

When controversy arose concerning crypto adoption in Singapore, the Monetary Authority of Singapore (MAS) stepped in to set the record straight. The authority emphasized that Singapore doesn’t maintain a specialized “crypto sandbox.” Instead, their focus is on a more inclusive sandbox that nurtures various fintech innovations.

A recent concern expressed through a letter in the Financial Times suggested that the city-state might have hastily allowed cryptocurrency companies to use the Fast and Secure Transfers (FAST) system. This system permits efficient Singapore dollar fund transfers between entities within the country. Yet, the MAS was quick to highlight that every business holding a valid bank account, including those from the crypto industry, has the privilege to access FAST. Importantly, these transfers are conducted in fiat money and not digital currencies.

Further addressing the issue of rising scams, the MAS strongly dismissed any direct association between such fraudulent activities and cryptocurrencies. They highlighted that scams typically involve fraudsters manipulating customer devices to execute unauthorized transactions. These transactions are usually carried out in traditional fiat currencies within the banking system.

Singapore is determined to uphold a strict stance on money laundering, especially concerning the crypto industry. Crypto businesses in Singapore will need to present solid Anti-Money Laundering strategies to acquire operational licenses. By the end of this year, as these precautions take root, Singapore aims to be recognized globally for its tight control over cryptocurrency regulations, especially concerning retail access.

Moreover, the recent public consultation initiated by the MAS demonstrates their dedication to curbing the potential risks that cryptocurrencies might pose to retail customers.

The narrative on cryptocurrencies has always been cautious. This sentiment was echoed by the newly elected president, Tharman Shanmugaratnam, a former MAS chair.

In his earlier capacity, he expressed concerns over the volatile nature of crypto assets and cautioned Singapore residents in 2021 about the potential high risks associated with such investments.

Singapore’s Diverging Crypto Paths

Singapore continues to embrace a forward-thinking approach toward cryptocurrencies, with the MAS prioritizing the development of a robust regulatory environment. By seeking to position itself as a central hub for crypto assets, Singapore emphasizes the need for stringent regulations to counteract the volatile nature of speculative trading. In line with this, MAS introduced the Travel Rule by 2023 to ensure that crypto transactions align with international standards.

In contrast, Malaysia adopts a more cautious attitude. While acknowledging the inherent potential of digital currencies, Malaysia has instituted tight controls over crypto exchanges and initial coin offerings (ICOs), making its regulatory landscape comparatively more constrained than its southern neighbor.

Despite whispers of potential crypto bans surfacing across the globe, neither Singapore nor Malaysia show signs of clamping down completely on digital assets this year. Specifically, Singapore is fine-tuning its regulatory architecture to foster, not stifle, the growth of the crypto sector.

This divergence underscores the region’s mixed reactions to the crypto revolution, with Singapore’s proactive approach juxtaposed against Malaysia’s more prudent stance.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Crypto RegulationSingapore
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

XRP Price Prediction: Can Bulls Push XRP Beyond $3?
CRYPTO

XRP Price Prediction: Can Bulls Push XRP Beyond $3?

September 9, 2025
Expert Says XRP Could Rally as Federal Reserve Prepares Interest Rate Cuts
CRYPTO

Expert Says XRP Could Rally as Federal Reserve Prepares Interest Rate Cuts

September 9, 2025
Ethereum Market Update: Whale Activity and Staking Demand Fuel Bullish Outlook
CRYPTO

Ethereum Market Update: Whale Activity and Staking Demand Fuel Bullish Outlook

September 9, 2025
Cboe to Launch Bitcoin and Ethereum Perpetual Futures in November 2025
BITCOIN

Cboe to Launch Bitcoin and Ethereum Perpetual Futures in November 2025

September 9, 2025
ApeCoin Makes Official Debut on Solana: Here is Why This is Bullish for APE Holders
CRYPTO

ApeCoin Makes Official Debut on Solana: Here is Why This is Bullish for APE Holders

September 9, 2025
First Ever U.S. Based Dogecoin ETF Set to go Live This Thursday: Here is What You Need to Know
CRYPTO

First Ever U.S. Based Dogecoin ETF Set to go Live This Thursday: Here is What You Need to Know

September 9, 2025
Load More

Related News

XRP Price Prediction: Can Bulls Push XRP Beyond $3?

XRP Price Prediction: Can Bulls Push XRP Beyond $3?

September 9, 2025
Expert Says XRP Could Rally as Federal Reserve Prepares Interest Rate Cuts

Expert Says XRP Could Rally as Federal Reserve Prepares Interest Rate Cuts

September 9, 2025
Ethereum Market Update: Whale Activity and Staking Demand Fuel Bullish Outlook

Ethereum Market Update: Whale Activity and Staking Demand Fuel Bullish Outlook

September 9, 2025
Cboe to Launch Bitcoin and Ethereum Perpetual Futures in November 2025

Cboe to Launch Bitcoin and Ethereum Perpetual Futures in November 2025

September 9, 2025
ApeCoin Makes Official Debut on Solana: Here is Why This is Bullish for APE Holders

ApeCoin Makes Official Debut on Solana: Here is Why This is Bullish for APE Holders

September 9, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews