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The Financial Authority of Singapore (MAS) is broadening its regulatory framework for crypto service suppliers by means of amendments to the Fee Companies Act, aiming to reinforce consumer safety and safeguard monetary stability.
Introduced on Tuesday, the amendments will likely be applied in phases, ranging from April 4. The MAS emphasised that these modifications will embody custodial companies for digital fee tokens (DPTs), facilitation of DPT transmission, and cross-border cash transfers, even in circumstances the place funds should not obtained in Singapore.
Beneath the amended rules, the MAS could have the authority to impose necessities associated to anti-money laundering (AML), countering the financing of terrorism (CFT), consumer safety, and monetary stability on DPT service suppliers.
Transitional preparations will likely be supplied for entities affected by the expanded regulatory scope. Nonetheless, affected entities should notify the regulator inside 30 days and submit a license utility inside six months from April 4.
In line with Angela Ang, a senior coverage advisor at blockchain intelligence agency TRM Labs and former MAS regulator, this enlargement brings long-awaited regulatory readability to crypto custody gamers in Singapore.
Kelvin Low, a regulation professor on the Nationwide College of Singapore, remarked that these modifications had been anticipated and unlikely to shock trade gamers. He instructed that any choices by crypto exchanges or companies to exit Singapore as a result of these modifications would have been made properly prematurely.
Along with regulatory amendments, the MAS launched tips outlining shopper safety measures that DPT service suppliers should adhere to below the Fee Companies Act. These measures embrace segregating buyer belongings, sustaining correct books and information, and guaranteeing the safety and integrity of buyer belongings. The rule is slated to come back into impact on October 4.
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