Daily Archives: 01/07/2022

Singapore authorities accused Three Arrows Capital of providing false data

The Monetary and Financial Authority of Singapore (MAS) announced that the Three Arrows Capital cryptocurrency fund, which was on the verge of bankruptcy, was engaged in direct deception of the regulator. In 2013, the regulator granted Three Arrows Capital the status of a registered investment fund, provided that the amount of assets under its management does not exceed $250 million. According to the MAS, the amount of funds exceeded the maximum amount allowed between July…

The European regulator requires to limit the reserves of fiat-backed stablecoins

The Basel Committee on Banking Supervision (BIS), after the collapse of the UST stablecoin, stated that in order to maintain financial stability, banks should have a limit on the holdings of unsecured crypto assets. The riskiest class of crypto assets, which includes non-backed conventional reserves or asset-pegged stablecoins, will be capped at 1% of Tier 1 capital, the document says. For large banks like JP Morgan Chase, 1% Tier 1 capital can be in the…