Monetary Authority of Singapore (MAS): There is no "crypto sandbox,"

Iti9

According to Foresight News, the Monetary Authority of Singapore (MAS) has responded to the Financial Times by stating that there is no "crypto sandbox." The fintech regulatory sandbox launched in 2016 supports a wide range of fintech experiments, and to date, no company eligible to enter this sandbox has provided facilities for cryptocurrency payments. At the same time, it is unclear whether the statement made by Thomas See regarding MAS allowing cryptocurrency companies to use the Singapore FAST interbank payment system is accurate. Any individual or company, including cryptocurrency companies, can use FAST as long as they have a bank account. Payments made through FAST are in fiat currency, not cryptocurrency. Payment transactions conducted through FAST between customers and cryptocurrency companies do not mean that customers' bank deposits are linked to those companies. Furthermore, the recent cases of malicious software scams in Singapore, as mentioned by Thomas See, are not related to cryptocurrency. Lastly, MAS stated that it will gradually implement cryptocurrency regulations for retail users by the end of the year, making Singapore one of the jurisdictions with one of the strictest regulatory regimes for managing cryptocurrency retail access in the world.

Indra55

Regulating cryptocurrencies could be seen as a move away from decentralization.

Jiten171

What is a crypto sandbox? I've never heard of it.