Singapore monetary control (MAS), in the framework of enhancing control over operations with digital assets in the domestic market, updated the requirements for checking the sources of crypto-investors revenue.

According to Mas Singapore, the new rules oblige all cryptocurrency financial institutions, services and platforms registered in the country, collect and analyze data on the origin of customer funds, as well as inform the regulator about any suspicious operations.

Participants in the financial market of Singapore are vested with the right to request detailed documents confirming the legality of their income from crypto -investors. At the same time, the new rules suggest that financial companies should not only collect reporting documents, but also check the sources of funds for legality, while distinguishing various types of origin of crypto assets, and not consider them as one class.

The department noted that the new requirements have become part of the MAS efforts to prevent the risks of laundering money and finance terrorism in the cryptosector.

Earlier, Singapore monetary management obliged all virtual assets service providers (VASP) working in the city-state, to get a license until June 30 or to stop activities.