Ravi Menon, managing director of the Monetary Authority of Singapore, pushed back at reports that regulators missed the failings of crypto hedge fund Three Arrows Capital

Sitharaman said because cryptocurrencies are borderless, any legislation to regulate or ban such assets will only be possible through global collaboration.

The crypto lender said its Chapter 11 filing means it would not seek permission to let customers withdraw from their accounts but would continue other operations

The Singapore-based hedge fund, which was reported to have $10 billion in cryptocurrency earlier in 2022, filed for bankruptcy in the British Virgin Islands in late June

The firm - founded by Australian videogaming entrepreneurs - said the funding was backed by Liberty City Ventures and Kingsway Capital

The new guidance shows when existing payment sector rules should apply to large stablecoins, marking a major step forward in applying "same risk, same regulation"

Plaintiff Jason Stone said his business, KeyFi, was tricked into providing services worth millions of dollars, which Celsius allegedly refused to pay for

Genesis Trading was exposed to Three Arrows Capital (3AC), the Singapore hedge fund that slipped into default recently, but managed to reduce its loses, its CEO has revealed

Toronto-listed Voyager estimated its crypto assets held for customers at about $1.3 billion and its own holdings worth $110 million, plus $350 million in cash

London-based Nexo said it would buy up to 100% of Vauld and 'reorganize its future operations with the aim to accelerate its deeper presence in Asia'

Instability in the crypto sector has led to Singapore-based Vauld halting withdrawals and searching for new financial backing.

Monetary Authority of Singapore "reprimanded" Three Arrows and accused it of providing misleading information concerning its relocation to the British Virgin Islands