Monetary Authority of Singapore releases details of high-profile actions against errant crypto firms


19 Sep 2023 12:54 PM

Singapore’s central bank, Monetary Authority of Singapore (MAS), has issued its fourth enforcement report, outlining actions taken against firms like ...

  • Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined.
  • High BTC dominance indicates investor interest in Bitcoin, often seen before and during a bull run.
  • A drop in BTC dominance suggests investors moving capital and profits to altcoins for higher returns.
  • Stablecoins are cryptocurrencies designed to have a stable price, backed by a reserve asset.
  • Stablecoins provide an on/off-ramp for investors and allow for value storage due to cryptocurrency volatility.
  • Altcoins refer to cryptocurrencies other than Bitcoin, with some considering Ethereum as a non-altcoin.
  • Litecoin is regarded as the first altcoin, forked from the Bitcoin protocol.
  • Bitcoin is the largest cryptocurrency, designed as a decentralized form of payment.
  • The Monetary Authority of Singapore (MAS) took enforcement actions against Three Arrows Capital (TAC) for violations, including failure to notify the central bank and furnishing false information.
  • MAS released its enforcement report, highlighting actions against firms lacking management frameworks for cryptocurrency and digital asset investment risks.
  • Forward-looking statements and risks associated with investing should be considered, and thorough research is recommended.

The overall sentiment of the article is neutral, providing factual information about Bitcoin dominance, stablecoins, altcoins, and the enforcement actions taken by the Monetary Authority of Singapore.

Go to publisher site

You May Ask

What is Bitcoin dominance?What are stablecoins and their purpose?What are altcoins and their relationship to Bitcoin?What actions did the Monetary Authority of Singapore take against Three Arrows Capital?What should investors consider before making investment decisions in open markets?

Suggested Reads