The head of the Singapore regulator MAS announced further tightening of crypto regulation
Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said that in the coming months he will request consultations on proposed measures to regulate the crypto industry in order to strengthen positions on "consumer protection, market behavior and the provision of stablecoins."
According to the Managing Director of MASRavi Menon, Singapore's regulatory focus on cryptocurrencies is mainly on curbing the risks of money laundering and terrorist financing.
According to Menon, most regulatory regimes currently do not cover issues such as consumer protection, market behavior and the backup of stablecoins.
"This is changing," Menon said, as international standard-setting bodies and regulators conduct reviews and public consultations to strengthen regulation in these areas.
He added that MAS intends to consult on the proposed measures in the next few months.
Since the media reports that some crypto players are in Singapore, Menon explained that neither TerraForm Labs nor Luna Foundation Guard applied for a license and did not seek exemption from it. He added that the application for a Vauld license is under consideration.
https://coin-signal.com/cryptonews/the-head-of-the-singapore-regulator-mas-announced-further-tightening-of-crypto-regulation/
#Announced, #Crypto, #Cryptonews, #Further, #Head, #Law, #Mas, #PATTERN, #Regulation, #Regulator, #Singapore, #Tightening
#CryptoNews, #LawCrypto