The Monetary Authority of Singapore (MAS) Aims to Broaden Investigative Powers
In an effort to regulate digital assets more effectively, the MAS is seeking broader investigative powers to crack down on unregulated digital products like BTC futures. The MAS has moved the Financial Institutions (Miscellaneous Amendments) Bill (FIMA) for its first reading in parliament. This bill specifically targets Capital Markets Services License (CMSL) holders, who currently have the flexibility to engage in unregulated ventures.
MAS’ Crackdown on CMSL Holders
CMSL holders can currently participate in unregulated activities, such as facilitating products not overseen by the MAS, including Bitcoin futures and payment token derivatives on foreign exchanges. However, these ventures pose potential risks to regulated activities and may impede CMSL holders’ ability to fulfill their obligations. The FIMA bill authorizes the MAS to issue written directives outlining minimum standards and safeguards for CMSL holders engaging in unregulated businesses.
Continued Efforts to Supervise the Digital Assets Landscape
In addition to its regulatory advancements, the MAS has recently added non-custodial wallet imToken and BKEX crypto exchange to its alert list. This demonstrates the authority’s commitment to revolutionizing the digital assets landscape in Singapore.
Hot Take: MAS Strengthens Regulatory Oversight on Digital Assets
The MAS is taking significant steps towards enhancing regulatory oversight on digital assets in Singapore. By seeking broader investigative powers and cracking down on unregulated activities, particularly those involving CMSL holders, the authority aims to mitigate potential risks that could impact the stability and obligations of regulated activities. This move reinforces the MAS’ commitment to creating a secure and balanced environment for both industry participants and investors in the crypto space.
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