Singapore’s Central Bank Will Crack Down on Participants in Crypto Industry

Sopnendu Mohanty, chairman of the Monetary Authority of Singapore MAS, has said that Singapore will “brutally and relentlessly tough” crack down on violations in the cryptocurrency industry.

The specialist has questioned the value of most cryptocurrencies and has said that within three years there will be an alternative in the form of digital currencies of central banks, which are supported by states. He has added:

“Many in the crypto industry see us as unfriendly. My answer: friendly to what? Toward a real economy or some unreal economy?”

According to him, the MAS is not going to turn a blind eye to unscrupulous market participants. He has stressed that if such players are found, the department’s response will be “cruel and inexorably tough.”