Singapore’s Regulatory Sandbox Lacks Qualified Crypto Payment Providers

The Monetary Authority of Singapore (MAS) announced that no businesses have met the qualifications to join its FinTech Regulatory Sandbox framework specifically for cryptocurrency payment providers.

In response to criticisms regarding the government’s approach to public consultation and oversight in the area of cryptocurrency adoption, which were highlighted in a letter published by a major financial publication, the MAS clarified that Singapore does not operate a “crypto sandbox.” Instead, it maintains a sandbox that accommodates a wide array of fintech experimentation.