'Singapore-based' is different from 'Singapore-regulated'. According to the local authorities, many companies using the misleading label do not hold a license, including TerraForm Labs and Three Arrows Capital.
Ravi Menon, the managing director of the Monetary Authority of Singapore, or MAS, said companies often labeled by the media in connection to the recent market volatility as “Singapore-based” were not representative of the country’s approach to crypto regulation.crypto-related companies including TerraForm Labs and Three Arrows Capital, or 3AC, had “little to do” with crypto regulation in Singapore.
“The crypto industry globally is still evolving and regulation is still catching up with industry trends,” said Menon. “Singapore is often seen as being at the forefront, with a clear licensing and regulatory framework. But the focus of crypto regulation to-date in Singapore, as well as in most major jurisdictions, has been on containing money laundering and terrorist financing risks.”
At MAS’ Annual Report media conference, Mr Ravi Menon, Managing Director of MAS, highlighted key macroeconomic challenges facing the global economy and