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Singapore regulator reiterates crypto dangers amid Hodlnaut woes

Hodlnaut Crypto Singapore Mas

A cyclist rides past buildings in the financial business district in Singapore on May 26, 2020. (Photo: AFP)

Cryptocurrency investment is “highly hazardous” but meltdowns in the sector have not created financial-stability risks for Singapore, regulators in the city-state said after another digital-asset firm ran into trouble.

The Monetary Authority of Singapore (MAS) has rescinded its in-principle approval for crypto lender Hodlnaut to obtain a license to provide digital payment token services under the Payment Services Act, an MAS spokesperson said in an emailed statement Tuesday.

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