Singapore Seeks Detailed Information From Crypto Firms Ahead of New Regulations, Report Unveils – Regulation Bitcoin News

, quoting people familiar with the matter who chose to remain anonymous. The central bank sent a “granular questionnaire” last month, awaiting quick answers.

The inquiry comes in advance of expected changes to the regulations governing the operations of these platforms. In early July, the MASthat imposing additional restrictions on cryptocurrency trading is one of the measures under consideration. The bank’s Managing Director Ravi Menon has already indicated that the scope of regulations will be expanded to cover more activities.

Licensees and applicants are expected to notify MAS of any events that materially impede or impair the operations of the entity, including any matter which may affect its solvency or ability to meet its financial, statutory, contractual or other obligations.

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It is fine that authorities of various countries pay attention to honesty and decency of crypto companies. We will meet less scams then.

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