Odaily Planet Daily News The British "Financial Times" previously published a letter criticizing the Singapore government for the lack of public consultation and supervision of cryptocurrency adoption. The Monetary Authority of Singapore (MAS) responded to this on its official website:

First, MAS emphasized that the fintech regulatory sandbox launched in 2016 does not involve cryptocurrency payments.
Second, all individuals or companies, including cryptocurrency companies, can use the FAST bank payment system as long as they have a bank account. Payments via FAST are made using fiat currency instead of cryptocurrency. A payment transaction via FAST between a customer and a cryptocurrency company does not imply that the customer's bank deposits are associated with the company.
Furthermore, the recent malware scam case in Singapore mentioned by the FT has nothing to do with cryptocurrencies. The scams involved fraudsters taking control of customers' mobile devices and making unauthorized fiat currency transfers through the banking system.
MAS said it would only issue licenses to cryptocurrency firms if they had robust anti-money laundering measures in place; most applicants were unsuccessful.
MAS is also seeking public comments on a series of regulatory measures to mitigate the risks cryptocurrencies pose to retail investors. The measures will be phased in from the end of this year, and Singapore will have one of the strictest regulatory regimes in the world for retail use of cryptocurrencies.