Singapore Central Bank Planning to Update the Country’s Crypto Rules

Mar 03, 2018 at 2:02

The Monetary Authority of Singapore (MAS) is mulling on enforcing additional rules to its current cryptocurrency framework in order to protect investors amid the ever growing use of the medium.

In a speech, Ong Chong Tee, the city-state’s central bank deputy managing director of financial supervision noted that new rules will specifically focus on investor protection.

“Virtual currencies first emerged about 10 years ago. Since then, we have observed an increase in the number of initial coin (or token) offerings in Singapore… As with most financial regulators, MAS does not regulate virtual currencies. But we regulate the activities that surround virtual currencies if these pose specific risks,” the official expressed.

While the MAS doesn’t regulate cryptocurrencies directly, the authority has mandated cryptocurrency intermediaries like exchanges and remittance operators to comply by anti-money laundering as well as in combatting terrorism financing.

The country’s plans will further boost its present regulatory framework for domestic cryptocurrency sector which has seen notable growth in recent years alongside global crypto markets.

Last month, Singapore deputy prime minister and minister in charge of the central bank, Tharman Shanmugaratnam stressed during a parliamentary that upon a close study, they see no reason to follow China’s enforcement of a cryptocurrency trading ban.

Likewise, MAS is also keen on enacting a regulation that will bring retail payment services, including cryptocurrency intermediaries, under the singular regulation of its revised Payment Services Bill later this year.