The Monetary Authority of Singapore (MAS) has decided to remind crypto businesses about the principle which also exists in the United States: cryptocurrency market is not a legal loophole, those who want to add “crypto” to the mechanism of securities and futures to evade legislation will not escape the attention of the regulator.
As per usual, the warning has been posted on the official website of the MAS. The regulator sometimes posts notes for investors warning about the risks of the market. The high-ranking management of the MAS sees no solid reason for banning cryptocurrency activities in the country as the neighboring China did. According to the officials, the market supervision is easy due to its current size and should major collapse occur, it wouldn’t become a catalyst similar to how Lehman Brothers catastrophe is thought to be the first event of the 2008 crisis.
This small country and major financial hub close to Malaysia has seen several interesting cryptocurrency business activities. One of them, a Bitcoin payment cafe, is notably located next to the headquarters of the Monetary Authority of Singapore.