Singaporemore security measures for users by the central bank and a stablecoinHe asked companies in the cryptocurrency industry to send their business data for regulation.
The central bank is poised to make changes to its crypto regulatory policies following the collapse of Singapore-based crypto hedge fund Three Arrows Capital and Singapore-registered Terraforms Labs and Vauld.
Singapore Tightens Its Controls
Singapore, according to people with knowledge of the matter, wants to intensify the scrutiny of firms providing cryptocurrency services in the city-state ahead of planned regulatory changes.
Singapore Monetary Authority (AMS) announced that it has sent a questionnaire to some applicants and digital payment licensees asking for extremely detailed information about their business activities and assets. He said the questions sent last month focused on measuring the financial soundness of firms as well as their interconnectedness. They also stated that some are expected to respond immediately.
Regulatorrequested that all data be sent, including the largest tokens owned, top lenders and borrowers, amount loaned, and largest tokens staked through decentralized finance protocols, according to a spreadsheet sent to individuals and firms.
General Manager of MAS Ravi Menon, will try to assess the events next week and already told the industry that the scope of the regulations will be expanded to cover more activities.
