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Singapore financial watchdog scrutinizes crypto companies ahead of new regulation

 


The Monetary Authority of Singapore (MAS), which is both the country's central bank and top financial regulator, has taken new measures to work towards tightening crypto regulation.


Accordingly, the MAS has now sent extensive questionnaires to several applicants and holders of the license to handle cryptocurrencies, as Bloomberg reported on Friday .


The questionnaires sent out over the past month aim to collect "very detailed information" on the business activities and assets of the companies concerned.


Above all, questions should be asked about financial stability and connections to other companies. According to this, the crypto companies must state, among other things, which crypto currency they mainly hold, who their biggest creditors and debtors are, how much money has been borrowed in total and which crypto currencies are committed to staking.


According to internal sources, MAS expects the respondents to respond as quickly as possible. So far, Singapore's MAS has granted 10 licenses to crypto service providers, including crypto exchanges like Crypto.com and brokerage DBS Vickers. A fairly manageable number so far, because a total of almost 200 companies are said to have applied for the permit.


The measure comes in the run-up to new crypto regulations in Singapore, which are likely to be significantly stricter. In mid-July, MAS director Ravi Menon announced that the financial regulator was working on a new legal framework that would provide more “investor protection, compliance and stablecoin coverage.”


In this context, the MAS refers to the blind spots of its previous regulation, for example there are no risk-based capital requirements for crypto service providers. Deposit protection for customers' invested crypto assets or the associated protection against insolvency is not yet mandatory either. Rather, most of the current regulation only deals with combating money laundering and terrorist financing and technical risks.

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