SakuraBloom
Sun Jul 07 2024
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7 answers
1805
Why did Mas restrict crypto service providers in Singapore?
Could you elaborate on the reasons behind MAS's decision to restrict crypto service providers in Singapore? I'm curious to understand the specific concerns or objectives that led to this regulatory move. Was it due to the risks associated with cryptocurrency transactions, a need to protect investors, or some other factors? What measures have been implemented, and how do they aim to strike a balance between innovation and consumer protection in the digital asset space? Clarifying these aspects would help us gain a deeper understanding of MAS's regulatory approach towards cryptocurrencies.
CryptoVanguard
Sun Jun 09 2024
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6 answers
1048
Why Binance is blocked in Singapore?｜MAS placed Binance on the IAL because it had solicited Singapore users without a licence. Further, on MAS' referral, the Commercial Affairs Department commenced investigation into Binance for possible contravention of the Payment Services Act (PS Act).
Could you please elaborate on why Binance has been blocked in Singapore? It's mentioned that MAS placed Binance on the IAL due to its solicitation of Singapore users without a proper licence. Could you further explain what MAS stands for and why their decision was made? Also, on the recommendation of MAS, the Commercial Affairs Department has begun an investigation into Binance for potential violations of the Payment Services Act (PS Act). Could you clarify what the PS Act entails and what kind of violations Binance might be facing? Thank you for your assistance in clarifying these matters.
