Singapore May Extend Crypto Regulation to Include Overseas Activities

Singapore May Extend Crypto Regulation to Include Overseas Activities

 297 total views

The Monetary Authority of Singapore (MAS) is seeking to extend its oversight to include cryptocurrency activities outside of its jurisdiction.

  • proposal from the city-state’s central bank would effectively extend the provisions set by the 2019 Payment Services Act (PSA) to include the overseas activities of locally based crypto companies or individuals.
  • That means virtual asset service providers (VASPs) will be obliged to run their overseas activities to the same regulatory standards as their Singapore operations.
  • Per the consultation paper, MAS argues the proposal would stop regulatory arbitrage – in which multinational VASPs cherry-pick the regulation that best suits their businesses.
  • This would also align Singapore closer to the anti-money laundering recommendations set last year by the Financial Action Task Force (FATF) – an international watchdog.
  • VASPs affected will be those that work overseas but have a “meaningful presence” in Singapore – that is, if their offices and directors are based in the jurisdiction.
  • Further, a company representative would have to be present and answerable to the Singapore regulator at all times.
  • MAS originally floated the idea of extending PSA soon after it was ratified in December 2019.
  • A public consultation period is open until Aug. 20, 2020.

Go to Source

Image Credit: Refer to Source
Author: Refer to Source Paddy Baker

Disclaimer: does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice or recommendations. Every investment and trading move involves risk, you should conduct your own research when making a decision.