According to Cointelegraph, the Monetary Authority of Singapore (MAS) mentioned that no businesses have qualified to participate in its FinTech Regulatory Sandbox framework as cryptocurrency payment providers.
It is believed that “These scams entail fraudsters taking control of customers’ mobile devices and effecting unauthorised transfers through the banking system in fiat currencies,” Cointelegraph added.
It is believed that the MAS mentioned that all businesses with a valid bank account can access the FAST system, including crypto businesses, stating, “Payments through FAST are in fiat currencies, not cryptocurrencies,” Cointelegraph explained.
Furthermore, “As these measures are progressively implemented from the end of this year onwards, Singapore will have one of the strictest regulatory regimes in the world governing retail access to cryptocurrencies,” Cointelegraph concluded.
(With insights from Cointelegraph)
