The Monetary Authority of Singapore (MAS) has opened the floor for industry feedback through a consultation paper aimed at establishing new regulatory measures for digital token service providers (DTSPs).
This initiative falls under the Financial Services and Markets Act (FSM Act), a legislative framework designed to enhance regulatory oversight in the fast-evolving crypto landscape.
The FSM Act was officially passed in Parliament on 5 April 2022 and represents a significant step towards managing the associated risks of digital tokens effectively.
Under the FSM Act, DTSPs operating both within and outside Singapore will be required to obtain a licence from the MAS.
This is a move to close the regulatory gaps that currently exist, particularly concerning Singaporean corporations and individuals providing crypto services abroad.
The MAS has made it clear that licensing will not be a standard procedure but will be reserved for exceptional cases.
"Most operators with Singapore touchpoints will likely be covered under the existing crypto regulatory framework," the MAS stated, emphasising the importance of maintaining robust regulatory compliance.
DTSPs will be subjected to a variety of conduct requirements, including stringent anti-money laundering (AML) rules, which are vital for maintaining the integrity of the financial system.
Moreover, these providers must demonstrate a substantial presence in Singapore, ensuring that their operations contribute to the local economy and regulatory landscape.
The proposed framework introduces several regulatory instruments under the FSM Act, encompassing AML/CFT (anti-money laundering and counter-financing of terrorism) requirements, technology risk management, cyber hygiene notices, and conduct and disclosure obligations.
This multifaceted approach is designed to address a range of potential risks inherent in the crypto sector.
The MAS is actively encouraging industry participants to engage in the consultation process and shape the final regulations.
Stakeholders are invited to provide feedback on critical areas such as third-party reliance, correspondent account services, and value transfer requirements.
This open dialogue reflects the MAS's commitment to creating a regulatory environment that is both effective and adaptable to the evolving needs of the digital economy.
The authority is keen to hear diverse perspectives from financial industry participants and other interested parties until 4 November 2024.
Following the consultation period, the MAS intends to publish the final regulations and guidelines at least four weeks before they become effective.
This timeline provides stakeholders with a clear expectation of when the new regulatory measures will be implemented, allowing them to prepare adequately for compliance.
The MAS's proactive approach highlights its dedication to fostering a transparent and accountable framework for DTSPs while safeguarding the financial ecosystem in Singapore.
This evolving regulatory landscape will play a crucial role in shaping how digital tokens are managed and transacted, ensuring that Singapore remains a competitive hub for cryptocurrency activities while maintaining high standards of regulatory compliance.
Karyawan Yuga Labs telah mengundurkan diri di tengah kontroversi seputar tweet yang tidak sensitif secara rasial dan antisemit di masa lalu, yang menimbulkan gelombang di komunitas NFT. Insiden tersebut telah menimbulkan kekhawatiran tentang pemeriksaan latar belakang di industri ini dan membawa tuduhan masa lalu terhadap Yuga Labs kembali menjadi sorotan.
JasperPertarungan hukum yang sedang berlangsung yang melibatkan Bitboy semakin meningkat; dia bertekad untuk mendapatkan kembali aset-aset yang telah disita, termasuk sebuah Lamborghini yang hilang secara misterius.
KikyoSeorang mata-mata India saat ini menghadapi tuduhan serius karena membocorkan informasi rahasia tentang kapal selam dan kapal perang Angkatan Laut India kepada agen intelijen Pakistan untuk mendapatkan mata uang kripto, sebuah tindakan yang berpotensi berujung pada hukuman mati.
JasperBiro Perlindungan Keuangan Konsumen AS bertujuan untuk mengawasi dompet digital non-bank, dengan menekankan pada peningkatan perlindungan konsumen di ranah keuangan digital.
Hui XinPerusahaan dikatakan sedang berdiskusi dengan para penasihat, mempersiapkan potensi penawaran umum perdana
BrianDepartemen Kehakiman telah menegaskan perlunya kewenangan untuk menyita mata uang kripto dari warga Amerika, bahkan tanpa persetujuan pengadilan.
JasperPemerintah Kazakhstan telah mengambil tindakan memblokir akses ke situs web Coinbase, dengan alasan bahwa bursa tersebut tidak memiliki lisensi operasi yang diperlukan di negara tersebut.
CatherinePT Pelayaran Korindo akan memanfaatkan keahlian Klaytn dan NEOPIN dalam tokenisasi dan pengembangan blockchain untuk melakukan tokenisasi aset-aset yang terkait dengan kapal Korindo.
ClementDalam upaya memerangi penipuan melalui telepon, sebuah lembaga penegak hukum baru-baru ini melakukan operasi yang berujung pada penangkapan dua orang, berusia 20 dan 33 tahun. Penangkapan dilakukan di sebuah fasilitas umum, dan para tersangka saat ini sedang diselidiki atas keterlibatan mereka dalam serangkaian aktivitas penipuan.
JoySuperstar sepak bola internasional Lionel Messi telah merambah dunia esports dengan bergabung dengan KRÜ Esports sebagai salah satu pemilik
Aaron