SINGAPORE (FINANCIAL TIMES) – Singapore will be “brutal and unrelentingly hard” on bad behaviour in the crypto industry, according to its fintech policy chief, marking a stark shift in rhetoric after years of the city state courting the sector.

Mr Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore (MAS), the country’s central bank, questioned the value of private cryptocurrencies and said he expected a state-backed alternative to be launched within three years.