Singapore attempted to avoid responsibility for regulating Three Arrows Capital’s cryptocurrency activities, despite revealing it had been researching the company for a year.
The managing director of Singapore’s Monetary Authority, Ravi Menon, refuted recent accusations that crypto hedge fund Three Arrows and other under-fire businesses were even headquartered in Singapore.
“Some crypto players that have come under strain have been reported by the media as being Singapore-based,” he said. “In reality, these … crypto firms have little to do with crypto-related regulation in Singapore.”
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Recent controversies involving Singapore-affiliated companies Three Arrows, Terraform Labs, and Vauld have generated controversy for the city-state, which for years has actively courted the crypto industry.
In a dramatic turn in tone, the head of MAS’s fintech division stated last month that the regulator will be “brutal and unrelentingly tough” on bad behaviour in the industry.
Last month, MAS, Singapore’s de facto central bank, announced that Three Arrows had provided misleading information to authorities, revealing that the company had been under investigation for a year.