Singapore's financial watchdog pushes back against Terra and 3AC associations

According to MAS' Managing Director, TerraForm Labs, Luna Foundation Guard and Vauld were "not accredited or regulated" by the MAS organization. Singapore financial supervision. New

Ravi Menon, chief executive of the Monetary Authority of Singapore, or MAS, said companies often labeled by the media due to recent market volatility as "Singapore-based" were not representative of the country's approach to crypto regulation.

In a speech to the MAS Annual Report on Tuesday, Menon said crypto-related firms including TerraForm Labs and Three Arrows Capital, or 3AC, had "little to do" with Singapore's crypto regulation . According to the managing director of MAS, Three Arrows Capital was unregulated under the country's Payment Services Act and had "ceased managing funds in Singapore" before reports indicated it had not responded to margin calls.

Menon also pushed back on associations with TerraForm Labs and Luna Foundation Guard - the platforms behind TerraUSD (formerly UST) separating from the US dollar - saying the companies were "not authorized or regulated by MAS, and that 'they did not apply for any license or request exemption from holding a license Crypto credit company Vauld, which suspended withdrawals, exchanges and deposits in July, applied for a license to operate in Singapore, but was operating unlicensed with Terra and Luna amid market downturn.

“The global crypto industry continues to evolve, and regulation continues to catch up with industry trends,” Menon said. “Singapore is often considered to be at the forefront, with a clear licensing and regulatory framework. But the object of crypto regulation to this day...