Singapore's bill extends control over encrypted financial products

 

Singapore's bill extends control 

over encrypted financial products

The Monetary Authority of Singapore (MAS) will be able to issue written directives

 on the conduct of unregistered business among many new authorities in

 accordance with a bill before the country's Parliament.

The Financial Institutions (Miscellaneous Amendments) 

Bill 2024 aims to expand the powers of MAS, and includes guidance 

for licensees of capital market services who engage in unregulated business.

The project allows capital

 market service licensees to offer unregulated products

but this is considered risky for their organized activity.

The project cites an example of negative impacts

 such as the depreciation of bitcoin contracts and other payment 

codes on foreign exchanges.

The Monetary Authority of Singapore has already issued guidance on ris

 mitigation measures related to unregulated business with retail investors

But expanding its powers will allow it to issue written guidance on

the minimum standards and safeguards that must be provided

 when capital market licensees and their representatives engage 

in unregulated business.

In November

The Monetary Authority of Singapore (MAS) has taken a range of

measures to contain speculation in cryptocurrency investments.

It also conducted a review of its regulatory framework 

for stationary currencies in August.

Subsequently

Circle and Ripple were granted licences to engage in protected

 payment activities, bringing the total number of licence holders 

now to more than a dozen.

Paxos was also approved in November to issue a stable currency linked to

 the US dollar. In addition, MAS is actively exploring 

the possibility of regulating encrypted projects through the Guardian project.

For the provisions of the other bill, it allows MAS the ability to

 force individuals to attend interviews and provide written statements.

MAS is also granted the power to enter premises without 

a warrant and obtain warrants to confiscate evidence.

In addition, MAS is allowed to approve financial institutions inspection 

agents in Singapore who have been appointed by foreign regulatory bodies.