Singapore reconsiders Terra collapse

After the resounding collapse of the “Terra” project, which devastated the wallets of many investors and believers in the project, regulatory bodies in Singapore re-evaluated the situation and made it clear that they completely disavowed the project.

It was recently revealed that it did not license the company and did not provide it with any regulatory approval or license.

This clarification came after a question by Lawrence Wong, Deputy Prime Minister, Minister of Finance, and Chairman of the regulatory body MAS, who through his question raised concerns about regulatory oversight and investor protection in the digital currency market.

After the incident, the regulatory body MAS took several measures to limit the possibility of damage similar to what had previously occurred with the “Terra” company.

To quote from the MAS statement and clarification the following:

We remind those who trade cryptocurrencies that MAS rules and regulations cannot prevent monetary losses arising from such activities.

Consumers should be aware of the risks of doing so and understand that cryptocurrencies are highly volatile and have no intrinsic value.

At the same time, the US Securities and Exchange Commission (SEC) is seeking $5.3 billion from Terraform Labs and its co-founder, Do Kwon.

This request, which includes restitution and civil penalties, follows a court ruling that found Terraform and Do Kwon guilty of fraud.