September 27, 2023

Attempt to register Japanese exchange Liquid in Singapore leads to sequestration of the list of cryptocurrencies

Japan's largest exchange Liquid seeks to obtain the Singapore regulator's MAS license, which will allow trade cryptocurrencies in many countries of the Asia-Pacific region. The company hoped to easily register in the new jurisdiction, given the stringency of the Japanese regulator FSA.

MAS disappoints Liquid, commissionersMonetary Authority of Singapore insisted on removing 22 types of digital currencies from the list of trades, recognizing them as unreliable to comply with AML (Anti-Money Laundering) regulations.

It is difficult to understand the logic of the Regulator of Singapore ifconsider in detail the list of removed cryptocurrencies presented above. Along with the ban on Zcash (ZEC) and Monero (XMR), whose blockchains have the ability to transfer anonymously, claims are made against the centralized coins NEO and Stellar (XLM). These networks can be guaranteed to freeze suspicious deposits.

It is also unclear how the MKR token will be used to launder criminal funds, whose functional purpose is the right to vote on the MakerDAO platform.
Liquid agreed to fulfill the receivedan MAS prescription, indicating the importance of the license for Asian expansion. Obviously, the company's analysts predict a future boom in Asia in the market for cyptocurrencies, which are gaining more and more popularity among the population of countries affected by the 2020 crisis.