The Monetary Authority of Singapore (MAS) has recently added the non-custodial crypto wallet imToken to its Investor Alert List. This list serves as a record of unregulated individuals or entities that may have been mistakenly perceived as being licensed or regulated by MAS.
MAS’s Efforts to Enhance Investor Protection
The inclusion of imToken on the alert list highlights MAS’s commitment to enhancing investor protection and preventing illicit crypto activities. The regulator made the decision to add imToken to the list on December 5, 2023.
Non-custodial wallets, like imToken, have gained popularity among users due to the greater control they offer over private keys and crypto assets. However, this also raises concerns over potential risks and regulatory attention.
MAS’s Stringent Regulatory Actions
Singapore’s regulator, MAS, has been diligent in monitoring and regulating the crypto ecosystem. In 2021, MAS blacklisted Binance exchange, leading to Binance relocating its operations to Dubai. On December 8, MAS also flagged BKEX digital asset exchange, which subsequently ceased its operations.
Responding to MAS’s decision, imToken addressed the concerns of its users on Twitter. The non-custodial wallet clarified that the reason for its listing is that it has not applied for a financial business license in Singapore. Additionally, imToken assured its users that their assets remain unaffected due to the decentralized nature of the platform.
