The Monetary Authority of Singapore has issued a nine-year prohibition order against the founders of Three Arrows Capital (3AC).
The order was issued against Zhu Su and Kyle Livingston Davies for violating different regulatory laws, such as the Securities and Futures Act 2001 (SFA) and Securities and Futures (Licensing and Conduct of Business) Regulations (SFR).
After the prohibition, Zhu and Davies won’t be allowed to perform any regulated activity to participate in the management team. They won’t be able to act as directors or become substantial shareholders in any of the capital markets under the SFA.
MAS role in the cryptocurrency market
The Monetary Authority of Singapore (MAS) is the country’s central bank and integrated financial regulator whose primary objective is to promote sustained and non-inflationary economic growth. MAS maintains macroeconomic stability by closely monitoring and assessing economic conditions.
One of MAS’s key responsibilities is to regulate the financial industry in Singapore. It oversees various financial institutions, including banks, insurance companies, and capital market intermediaries. MAS sets and enforces regulations to ensure the integrity and stability of the financial system, protecting the interests of consumers and investors.
MAS has been actively promoting innovation through initiatives like the New York Innovation Center (NYIC), which collaborates with the Bank for International Settlements Innovation Hub to explore central bank-related prospects. In recent years, MAS has shown a proactive approach towards embracing financial innovation and technology. It has recognized the potential of blockchain, open banking, and other emerging technologies in transforming the financial sector.