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