Singapore Plans To Tighten Crypto Regulation

The Singapore authorities are actively suppressing violations related to cryptocurrency activities, despite some indulgences announced in March, thereby preventing the development of illegal business in the country.

The Monetary Authority of Singapore (MAS) intends to tighten regulation of foreign companies that provide crypto services without actually staying in the country. The regulator launched a public discussion to assess the content of the new law, which contains 99 pages, and it uses the wording "digital tokens" instead of specific cryptocurrencies. The new law aims to manage financial risks. The discussion will run until August 20.

It is known that the regulator plans to act on four fronts:

• if the company engages in activities that harm the financial sector, then a prohibition order will be issued after the damage has been assessed;
• companies need to obtain a standard license confirming compliance with AML/CFT standards;
• in order to prevent cybercrime, the regulator will increase the fine to $1 mln;
• The Monetary Authority of Singapore will provide legal protection to intermediaries in financial disputes.

Image courtesy of Straits Times