Singapore’s financial watchdog pushes back against Terra and 3AC associations
2022.07.20 06:37
Singapore’s financial watchdog pushes back against Terra and 3AC associations
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.
In a speech on the MAS Annual Report on Tuesday, Menon said crypto-related companies including TerraForm Labs and Three Arrows Capital, or 3AC, had “little to do” with crypto regulation in Singapore. According to the MAS managing director, Three Arrows Capital was not regulated under the country’s Payment Services Act and had “ceased to manage funds in Singapore” prior to reports it failed to meet margin calls.
