The Monetary Authority of Singapore (MAS) has remained vigilant to fight rising cryptocurrency scams within the nation, stated Tharman Shanmugaratnam, Senior Minister and Minister accountable for MAS in a parliamentary reply.
He added that MAS frequently conducts surveillance to determine unlicensed corporations that illegally present digital fee tokens (DPT) companies or solicit clients in Singapore.
As soon as recognized, MAS will instruct these entities to cease providing companies to Singapore residents and refer them to the Police for investigation.
The regulator may place them on its Investor Alert List to warn the general public that these entities aren’t supervised by MAS.
MAS’ regulation underneath the PS Act focuses on cash laundering in addition to terrorism financing dangers and know-how dangers.
It administers a rigorous licensing course of to make sure that it admits DPT service suppliers with sturdy governance constructions and sturdy controls to handle these dangers.
Based on Tharman, many candidates have been turned away particularly if MAS has cause to suspect that an applicant is concerned in illicit actions.
Apart from rejecting the appliance, MAS may also refer the matter to the Police for investigation.
Tharman Shanmugaratnam
Tharman stated,
“MAS additionally works carefully with the Police to fight cryptocurrency scams. MAS and the Police have issued public advisories alerting shoppers to protect in opposition to fraudulent web sites soliciting cryptocurrency investments.
When coping with cryptocurrency corporations, shoppers ought to examine if the entities are licensed or have been granted an exemption to carry a licence by referring to MAS’ web site.”
