The Monetary Authority of Singapore (MAS), amid the default of crypto companies, some of which worked under the jurisdiction of this city-state, is going to expand the rules of crypto regulation.
MAS Managing Director Ravi Menon said that the agency plans to hold consultations on the regulation of cryptocurrencies in September or October 2022. According to him, the regulator intends to expand the rules for the supervision of cryptocurrencies to cover as many types of activities as possible. To do this, MAS will join a worldwide campaign to reduce risks in the cryptocurrency market.
Menon added that the revised rules could include further tightening access for retail investors to cryptocurrencies.
“As a result, players who hide that they are engaged in relevant activities and have not yet been caught may well be caught,” the official warned.
Menon dismissed the idea that Singapore-headquartered TerraForm Labs and city-state-registered Three Arrows were under MAS oversight. Neither of the two companies had a permit to operate under the local licensing system for virtual asset service providers, he said. Singapore has a rigorous review process for applications for such licenses, with only 14 approved out of nearly 200 recently filed.
“Some troubled crypto companies that are reported to be based with us have little to do with crypto regulation in Singapore,” Menon said.
In early July, the Monetary Authority of Singapore announced the development of stricter regulatory requirements for participants in the cryptocurrency industry in order to better protect consumers.
Source: Bits
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