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Singapore Regulator Warns Crypto Firms to Curb Their Enthusiasm

Sept. 30, 2022, 7:13 AM

A senior Singapore central bank official is repeatedly warning cryptocurrency firms that policymakers will clamp down hard on crypto players who fan speculation in the country.

Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore reminded the traders to be careful about how they lure customers. “Reduce your enthusiasm and be mindful of who you are selling to,” Mohanty said on Friday at an office opening ceremony of Cobo, a digital asset custody provider. “Singapore is not a place to speculate. We will be very, very hard on this behavior.”

Sopnendu Mohanty on Sept. 29.
Photographer: Edwin Koo/Bloomberg

Less than 24 hours earlier, Mohanty ...