Singapore’s MAS to further strengthen crypto regulations

The Monetary Authority of Singapore (MAS) said it will seek consultation in the next months on proposed measures toward regulating the crypto industry.

See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’

Fast facts

• Singapore’s regulatory focus on crypto has been mainly toward containing money laundering and terrorist financing risks, MAS Managing Director Ravi Menon said on Tuesday.
• Most regulatory regimes currently do not cover issues such as consumer protection, market conduct, and reserve backing for stablecoins, Menon said.
• “This is changing,” Menon said, with reviews and public consultations underway among international standard-setting bodies and regulators, to strengthen regulation in these areas.
• MAS seeks to consult on proposed measures in the next few months, he added.
• With the media reporting that some crypto players under strain were Singapore-based, Menon clarified that both TerraForm Labs and Luna Foundation Guard didn’t apply for a license or sought exemption. Vauld’s license application is being reviewed, he added.

See related article: How a market slump may be helping Singapore’s stance against retail crypto