The Monetary Authority of Singapore (MAS) is set to gain more authority under a new law currently under consideration in the country’s parliament. This law could have significant implications for crypto companies if approved. The Financial Institutions (Miscellaneous Amendments) Bill 2024 aims to expand the MAS’s jurisdiction, allowing it to give directions to holders of capital markets services licenses (CMSL holders) involved in unregulated commercial operations.
The bill allows CMSL holders to sell unregulated goods that could potentially jeopardize their regulated operations. An example given is the sale of payment token derivatives on foreign markets, such as Bitcoin futures. While the MAS has previously issued guidelines on risk-reduction strategies for conducting unregulated business with retail investors, this bill would increase its authority. The MAS will be able to issue written directions on the minimum standards and safeguards for CMSL holders and their representatives when conducting unregulated businesses.
Cryptocurrency exchanges, in addition to Major Payment Institution (MPI) license holders, may also hold CMSLs. The MAS has implemented several regulations to deter speculation in cryptocurrency investments. In August, it updated its stablecoin regulatory structure, leading to Circle and Ripple being granted MPI licenses, bringing the total number of license holders to over twelve. In November, Paxos received approval to launch a US dollar-denominated stablecoin. The MAS is also actively investigating tokenization under Project Guardian.
Other parts of the bill would give the MAS the power to compel individuals to appear for interviews and provide written statements. It would also allow the MAS to obtain court orders to gather evidence and enter locations without a warrant. Furthermore, it would enable the MAS to authorize agents designated by foreign authorities to inspect financial institutions in Singapore.
In other news, Terra Co-Founder Daniel Shin has been cleared of arrest charges by a court. Ocean Mining has rejected Samurai Wallet’s claims of removing specific BTC transactions. The 5 best penny cryptocurrencies for summer 2023 have been identified. CoinCodeCap WeekInFocus provides a weekly rundown of headlines, career opportunities, and podcast picks.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Daniel Shin |
| Companies | Ocean Mining, Monetary Authority of Singapore, Ripple, Paxos, Circle |
| Currencies | Bitcoin, US Dollar |
| Securities | None |
