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MAS reiterates crypto dangers amid Hodlnaut woes

Bloomberg
Bloomberg8/9/2022 08:59 PM GMT+08  • 2 min read
MAS reiterates crypto dangers amid Hodlnaut woes
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Cryptocurrency investment is “highly hazardous” but meltdowns in the sector haven’t created financial-stability risks for Singapore, regulators in the city-state said after another digital-asset firm ran into trouble.

The Monetary Authority of Singapore has rescinded its in-principle approval for crypto lender Hodlnaut to obtain a license to provide digital payment token services under the Payment Services Act, an MAS spokesperson said in an emailed statement Tuesday.

That came after Hodlnaut told MAS of its intention to withdraw its application amid its halt in customer withdrawals announced Monday. It had been one of the few firms granted in-principle approval by MAS under the Act.

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