Singapore tried to shake off responsibility for regulating Three Arrows Capital’s cryptocurrency business even after the city-state revealed it had been investigating the company for a year, Financial Times reports.

Ravi Menon, director of the Monetary Authority of Singapore, has dismissed recent reports that cryptocurrency hedge fund Three Arrows and other companies under attack were even based in the country.

“Some crypto players that have come under strain have been reported by the media as being Singapore-based. In reality, these … crypto firms have little to do with crypto-related regulation in Singapore.”

Recent controversies over Singapore-based companies such as Three Arrows, Terraform Labs, and Vauld have heated up the city-state which has been watching cryptocurrency companies for years.

In a stark change of rhetoric, Monetary Authority of Singapore, the regulatory authority for financial transactions in the country, its fintech chief said last month that the regulator would be “ruthlessly and relentlessly tough” on bad behaviour in the industry.

Singapore’s de facto central bank, said last month that Three Arrows provided authorities with false information when regulators revealed the company had been under investigation for a year.

Meanwhile, in the UK, the Government has set forth to recognise stablecoins as valid form of payment, in the country’s bid to make Britain a global hub for crypto asset technology and investment.