MAS expands its legal scope to monitor anyone in Singapore working with digital token services overseas

Monetary Authority of Singapore (MAS) released a document containing proposals on how it would deal with the problems facing its financial sector.

By · Jul 21, 2020 . 4min read

Photo by chuttersnap on Unsplash

According to Golden Ten data, the Monetary Authority of Singapore (MAS) is taking action to address specific risks that its financial system is facing. It is expanding the legal scope of activity. It released a consultation paper with proposals about the proceedings on same. MAS has welcomed feedback on its proposals.

Primarily MAS aims to tighten regulations in terms of conducting the licensing assessment. It further aims to supervise anyone in Singapore providing digital token services overseas. Moreover, this is related to the prevention of money laundering and terrorism financing.

It will also narrow the criteria for opportunities in the financial industry to protect against specific unsuitable individuals. Moreover, it stated that it would holistically evaluate whether a person’s misconduct renders them unfit for one or many roles within the financial industry. It will expand on the existing legislation and align itself with the standard set by the Financial Action Task Force (FATF).

Technology risk management was another issue that MAS addressed. It will impose a penalty up to 1 million Singaporean dollars on anyone caught circumventing the requirements set. This is with respect to data protection. However, adequate measures will be taken against the risk of cyber threats.

Finally, MAS stated that it would enhance the powers and protect those individuals who are dispute resolution scheme operators. This will instil more confidence in them when going about their jobs.

In conclusion, new regulations in Singapore may affect some in the crypto space depending on the nature of their work.

Share
  • Tether Treasury issued $450 million USDT before Bitcoin price pump
    Tether Treasury issued $450 million USDT before Bitcoin price pump

    · Oct 22, 2020 . 5min read

  • Crypto Exchange LGO to merge with Voyager for expansion in Europe
    Crypto Exchange LGO to merge with Voyager for expansion in Europe

    · Oct 22, 2020 . 5min read

  • Hong Kong to embrace the opportunities of China’s digital yuan CBDC development
    Hong Kong to embrace the opportunities of China’s digital yuan CBDC development

    · Oct 22, 2020 . 6min read

  • Billion-dollar blockchains including Bitcoin forks, Tezos and Ripple only reported less than $1,500 transaction fees combined
    Billion-dollar blockchains including Bitcoin forks, Tezos and Ripple only reported less than $1,500 transaction fees combined

    · Oct 22, 2020 . 6min read

  • Filecoin founder Juan Benet slams Justin Sun for Filecoin accusations
    Filecoin founder Juan Benet slams Justin Sun for Filecoin accusations

    · Oct 22, 2020 . 6min read

       
         All News