The Monetary Authority of Singapore (MAS) has clarified that its fintech regulatory sandbox is unrelated to cryptocurrencies and will continue to strengthen its regulatory framework for cryptocurrencies.

BlockBeats news, on September 8th, the Monetary Authority of Singapore (MAS) responded to a letter criticizing the Singaporean government's lack of public consultation and supervision on cryptocurrencies published by the Financial Times. Firstly, MAS emphasized that the fintech regulatory sandbox launched since 2016 does not involve cryptocurrency payments. Secondly, allowing crypto companies to use Singapore's FAST banking payment system does not mean any direct relationship with retail bank deposits. In addition, recent malware scams in Singapore are not related to cryptocurrency, but to fiat currency. MAS stated that they only grant licenses to cryptocurrency players with strong anti-money laundering controls and have consulted the public on a range of regulatory measures to reduce the risk of cryptocurrencies to retail customers. With these measures gradually being implemented from the end of this year, Singapore will have the world's strictest retail cryptocurrency regulatory regime.