Source: iStock
The Monetary Authority of Singapore (MAS) has recently added the non-custodial crypto wallet imToken to its Investor Alert List.
The list provides a record of unregulated persons who “may have been wrongly perceived as being licensed or regulated by MAS.”
The inclusion of imToken on the alert list signals MAS’s push to enhance investor protection and prevent avenues for illicit crypto activities.
Per the regulator’s official website, the crypto wallet has been added to the alert list on December 5, 2023.
MAS’s decision to flag imToken raises regulatory alarm among investors regarding the use of non-custodial wallets.
This is because there has been a constant increase in users adopting non-custodial wallets. A Statista data revealed that there were 81 million users as of 2022, using a non-custodial wallet.
These wallets offers users greater control over their private keys and crypto assets. However, opens avenues for increased regulatory attention due to the potential risks associated with it.
Singapore’s regulator has been stringent on monitoring and regulating the crypto ecosystem. MAS in 2021 blacklisted Binance exchange, leading to Binance relocating its operations to Dubai.
MAS has also flagged BKEX digital asset exchange on December 8, which recently ceased its operations, shutting down the platform entirely.
ImToken Responds
In a response to the regulator’s decision to add imToken to the alert list, the non-custodial wallet responded to its users’ concerns on X (Twitter).
Response Regarding the Monetary Authority of Singapore (MAS) Listing imToken on the IAL
imToken is a non-custodial Web3 wallet providing decentralized wallet services to global users, including users in Singapore. As imToken is headquartered in Singapore and has not applied for…
— imToken – Crypto Wallet (@imTokenOfficial) January 9, 2024
ImToken noted that the reason for listing is because the platform “has not applied for a financial business license in Singapore.”
“We are currently actively communicating with MAS to clarify the distinctions in our business model to get imToken removed from the Investor Alert List.”
Further, the crypto platform assured its users that their assets “remain unaffected” due to imToken’s decentralized nature.
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