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Singapore asks Crypto Companies for Detailed Information before making New Rules: Reports

Singapore asks crypto companies for detailed information before making new rules: Reports

As a result of the recent collapse of Three Arrow Capital in Singapore, the Monetary Authority of Singapore (MAS) is taking a strict view of the crypto industry in the country.

A Bloomberg report citing unidentified sources said the MAS had demanded specific details from cryptocurrency businesses operating under its license. As a result, the central bank distributed a “granular questionnaire” last month.

As reported in the article, the regulator has ordered enterprises to submit data regarding their crypto assets, principal lending and borrowing counterparties, the number of loans made, and top tokens staked via decentralized-finance protocols. Also, the government wants to know how they plan to launch so they can understand the risks of crypto exchanges after they get regulatory approval.

The MAS and cryptocurrency are at odds

The MAS announced early in July that it was considering additional restrictions on cryptocurrency trading. Managing director Ravi Menon said the bank would increase its rules.

Among 200 applicants, only 12 crypto firms received a license to operate digital payment token services in Singapore. At the moment, banks do not protect customer funds, including crypto assets, from bankruptcy. This may change in the future.

MAS said that licensees and applicants must let them know if something major gets in the way of their work or makes it harder for them to do it. This includes anything that could affect their ability to stay solvent or meet their financial, legal, contractual, and other obligations.

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