The Monetary Authority of Singapore Issues Prohibition Order Against Founders of Three Arrows Capital
The founders of Three Arrows Capital (3AC), Zhu Su and Kyle Livingston Davies, have been issued a nine-year prohibition order by the Monetary Authority of Singapore (MAS). This action was taken due to their violation of regulatory laws, including the Securities and Futures Act 2001 (SFA) and Securities and Futures (Licensing and Conduct of Business) Regulations (SFR).
As a result of the prohibition order, Zhu and Davies are prohibited from engaging in any regulated activity or participating in the management team. They are also restricted from serving as directors or becoming substantial shareholders in any capital markets under the SFA.
MAS’s Role in the Cryptocurrency Market
The Monetary Authority of Singapore (MAS) serves as the country’s central bank and integrated financial regulator. Its primary objective is to promote sustained and non-inflationary economic growth while maintaining macroeconomic stability through close monitoring and assessment of economic conditions.
MAS plays a crucial role in regulating the financial industry in Singapore, overseeing banks, insurance companies, and capital market intermediaries. It sets and enforces regulations to ensure the integrity and stability of the financial system, safeguarding the interests of consumers and investors.
MAS has been actively fostering innovation in the financial sector, embracing emerging technologies such as blockchain and open banking. Initiatives like the New York Innovation Center demonstrate its proactive approach towards exploring new possibilities for central banks in collaboration with global partners.
Hot Take: MAS Takes Firm Action Against Violators While Embracing Financial Innovation
The recent prohibition order issued by MAS against Zhu Su and Kyle Livingston Davies showcases its commitment to maintaining regulatory compliance within the cryptocurrency market. By enforcing penalties for violations, MAS ensures that the financial system remains secure and protected. This action sends a strong message to industry participants that non-compliance will not be tolerated.
At the same time, MAS’s proactive approach towards embracing financial innovation and emerging technologies highlights its forward-thinking mindset. Recognizing the potential of blockchain and other advancements, MAS actively supports initiatives that drive transformative change in the financial sector. This combination of regulatory enforcement and innovation promotion positions Singapore as a leading hub for cryptocurrency and fintech development.
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