Singapore’s MAS Unveils Rigorous Crypto Rules
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Singapore's MAS recently concluded consultations on regulations governing crypto businesses, unveiling a comprehensive report delineating measures for digital payment token service providers (DPTSPs).
Notably, these measures prioritize investor protection by necessitating risk assessments for retail investors and imposing restrictions on incentives and leveraged transactions within the crypto sphere.
Additionally, MAS provided detailed guidelines covering various operational aspects for crypto payment firms, emphasizing the segregation of activities, conflict resolution, and transparent disclosures to clients.
These regulations are slated for enforcement from early 2024, accompanied by a nine-month implementation period to ensure compliance.
Meanwhile, Singapore-based exchange DigiFT achieved a significant milestone by obtaining critical MAS approvals, including both CMS and RMO licenses.
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DigiFT stands out as the pioneering exchange with an automatic market-making (AMM) mechanism to graduate from MAS’ fintech sandbox, aiming to introduce secondary trading avenues specifically for security tokens backed by real-world assets (RWA).
This development marks a substantial leap in fostering innovative financial services within Singapore’s crypto landscape.
Furthermore, the grant of Singapore Payment Institution Licenses to Fintech giant Ripple and Stablecoin issuer Circle in June underscores Singapore’s growing embrace of fintech innovations, fortifying its position as a conducive environment for fostering diverse financial technological advancements.