Singapore increases its crypto scrutiny as businesses prepare for changes

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Last Updated on August 26, 2022 by Bitfinsider

According to those with knowledge of the situation, SINGAPORE is stepping up its investigation into cryptocurrency-related businesses operating in the city-state in anticipation of upcoming legislative reforms.

According to the persons who want to remain anonymous since the procedure isn’t public, the Monetary Authority of Singapore has sent a questionnaire to select applicants and holders of its digital-payments licence requiring incredibly detailed information about their company activities and holdings.

The questionnaires, which were distributed over the past month, are aimed at evaluating the firms’ financial stability and interconnection, they claimed, adding that they should provide timely responses.

According to the sources and a spreadsheet that was supplied to the companies, the regulator has requested information on the top tokens owned, the top lending and borrowing counterparties, the amount lent, and the top tokens staked using decentralized-finance protocols.

In order to better understand the dangers, the MAS is also asking regional cryptocurrency exchanges about the procedures they follow before going live after receiving a highly sought-after license for a digital payment token business, one of the persons said.

The actions are being taken in advance of anticipated changes to cryptocurrency regulation in the city-state, where officials are attempting to balance encouraging innovation on the one hand while containing the consequences of collapsing businesses and retail investors being burned by market volatility.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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