Singapore regulatory sandbox lacks qualified crypto payment providers

Reacting to a letter criticizing the Singaporean federal governments lack of public consultation and oversight on crypto adoption published in the Financial Times, the MAS clarified that the nation does not have a “crypto sandbox” however rather a sandbox that supports a broad range of fintech experimentation.The letter criticized Singapore for “unwisely” enabling crypto business access to Singapores Fast and Secure Transfers (FAST) interbank payment system.” The regulator then mentioned that the rising malware rip-off cases in Singapore had absolutely nothing to do with cryptocurrencies, claiming that, on the contrary, such scams are more common in the fiat economy:” These frauds involve fraudsters taking control of customers mobile devices and effecting unauthorized transfers through the banking system in fiat currencies.” In its battle versus cash laundering, Singapore provides operational licenses to crypto services that can showcase robust Anti-Money Laundering (AML) controls.

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