Ravi Menon, the managing director of the Monetary Authority of Singapore, or MAS, said companies often labeled by the media in connection to the recent market volatility as “Singapore-based” were not representative of the country’s approach to crypto regulation.

In a speech on the MAS Annual Report on Tuesday, Menon said crypto-related companies including TerraForm Labs and Three Arrows Capital, or 3AC, had “little to do” with crypto regulation in Singapore. According to the MAS managing director, Three Arrows Capital was not regulated under the country’s Payment Services Act and had “ceased to manage funds in Singapore” prior to reports it failed to meet margin calls.

Menon also pushed back against associations with TerraForm Labs and Luna Foundation Guard — the platforms behind TerraUSD (formerly UST) depegging from the U.S. dollar — saying the firms were “not licensed or regulated by MAS, nor have they applied for any licence or sought exemption from holding any licence.” Crypto lending firm Vauld, which suspended withdrawals, trading and deposits in July, has applied for a license to operate in Singapore but was operating unlicensed along with Terra and Luna amid the market downturn.

“The crypto industry globally is still evolving and regulation is still catching up with industry trends,” said Menon. “Singapore is often seen as being at the forefront, with a clear licensing and regulatory framework. But the focus of crypto regulation to-date in Singapore, as well as in most major jurisdictions, has been on containing money laundering and terrorist financing risks.”

At MAS’ Annual Report media conference, Mr Ravi Menon, Managing Director of MAS, highlighted key macroeconomic challenges facing the global economy and