Police Involved In Investigation Of Crypto App - Hodlnaut

MAS is reportedly investigating a crypto lender, Hodlnaut, for providing services related to cryptocurrency without the requisite licence.

MAS is the country's central bank and oversees the financial sector in Singapore. The MAS has previously announced plans to regulate the cryptocurrency industry by introducing licensing requirements for cryptocurrency exchanges and wallet providers.

In a statement on its website, MAS said it was looking into alleged breaches of licensing requirements committed by [Hodlnaut], which could result in fines or jail sentences.

Hodlnaut is an online lender that provides loans to individuals and businesses that wish to purchase cryptocurrency or blockchain-related assets. The company claims on its website that it has been providing these services since 2017 and has grown rapidly over time.

According to reports from local news outlet Channel NewsAsia (CNA), MAS' investigation into Hodlnaut began following a tipoff from the Monetary Authority of Singapore (MAS) itself. CNA said that MAS had received multiple complaints related to Hodlnaut's activities from members of the public who were involved in transactions with them.