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

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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.

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