Singapore wants to tighten crypto-regulation

The Monetary Authority of Singapore (MAS), the country's financial regulator and de facto central bank, wantsintroduce stricter rules for regulating crypto businesses.

The regulator plans to expand its powers toto be able to prohibit any organization from doing business in Singapore. In addition, MAS wants to regulate and license companies that provide services outside the country.

MAS today published a 99-page consultation document that aims to collect feedback on amendments. It states:

Considering that most of these organizationsoperate on the Internet, there may be Singaporean companies that do not provide services in Singapore, but provide such services outside Singapore and are not subject to current legislation.

If the new law is passed, firms thatwill not comply with the rules, may be prohibited in the country. According to MAS representatives, the governments of Great Britain and Australia have already adopted a similar approach.

The consultation document is open for public comment until August 20.

Singapore– one of the most attractivecountries in Asia for conducting crypto business, more than 153 crypto companies are registered here. Recently, the country's regulator completed the last phase of the project to create a payment network based on the Project Ubin blockchain.

Based on materialswww.theblockcrypto.com