Crypto’s Collapse Deals New Challenge for Regulators in Singapore

Two years ago, Singapore opened its doors to cryptocurrency firms. Now, after the implosions of several digital currencies and players rooted in the city-state, regulators are trying to distance themselves from the blowups while they grapple with how to rein in the industry.

Crypto brokers, lenders, exchanges and blockchain companies flocked to the Southeast Asian financial hub after it enacted a regulatory framework for payment services in early 2020. Close to 200 firms applied for licenses to provide digital-payment-token services, according to the Monetary Authority of Singapore, the country’s central bank and top financial regulator.

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