Singapore’s MAS Unveils Rigorous Crypto Rules

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.

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.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.