The Monetary Authority of Singapore (MAS) Chairman said that not all crypto activities are regulated in response to parliament, as the country has faced some high-value crypto collapses in the last few months.
On a question posed by MP Yip Hon Weng around safeguards for the sector, MAS Incharge Tharman Shanmugaratnam stated, “In Singapore, as in other jurisdictions, not all activities related to digital payment tokens (DPT) — referred to as cryptocurrencies — are regulated.”
He further explained that while the Payment Services Act 2019 governs businesses that offer crypto services without interested parties applying for a license with the regulator, MAS would not be aware of the number of parties interested in establishing crypto investment firms in Singapore.
PS Act sets AML/CTF standards for crypto
Concerning money laundering and terrorism financing risks, the MAS chief said that the PS Act allows for a ‘rigorous licensing process.’ He said, “Many applicants have been turned away. Where MAS has reason to suspect that an applicant is involved in illicit activities, MAS will, besides rejecting the appl
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