Singapore’s MAS Seeks Information on Crypto Business Activities

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The Monetary Authority of Singapore (MAS) has sent an array of questionnaires to cryptocurrency exchanges operating in the city-state asking for granular details about their business activities.

According to a Bloomberg report on Friday, the regulator is seeking information on top tokens owned by the exchanges, top counterparties for lending and borrowing, and the loaned amount. Additionally, the regulator is seeking information on top tokens staked via decentralized-finance protocols.

The regulator started to send the questionnaires last month to some applicants and holders of its digital-payments license. To date, MAS granted licenses to only over a dozen of cryptocurrency companies, while almost 200 are still on the waitlist.

Moreover, the Singapore regulator is seeking information on steps the crypto companies are taking to go live after receiving the digital payment token service license. The report outlined that the regulator is poised to better understand the risks around the industry.

“Licensees and applicants are expected to notify MAS of any events that materially impede or impair the operations of the entity, including any matter which may affect its solvency or ability to meet its financial, statutory, contractual, or other obligations ,” a MAS spokesperson told the publication.

However, the regulator did not officially reveal its dealings with individual crypto companies, citing confidentiality.

The Asian Crypto Hub

Singapore is one of the most sought jurisdictions for crypto startups after the Chinese crackdown. However, the industry was rattled by the recent collapse of multiple local crypto companies, including Three Arrows Capital, Zipmex, Hodlnaut and Vauld.

Last month, the MAS revealed the consideration of bringing more restrictions on retail cryptocurrency trading, which might limit retail participation and leverages.

Earlier this year, the city-state imposed heavy restrictions on cryptocurrency promotions that banned companies from displaying crypto ads in public spaces. These restrictions even forced crypto ATM providers to remove their machines.

The Monetary Authority of Singapore (MAS) has sent an array of questionnaires to cryptocurrency exchanges operating in the city-state asking for granular details about their business activities.

According to a Bloomberg report on Friday, the regulator is seeking information on top tokens owned by the exchanges, top counterparties for lending and borrowing, and the loaned amount. Additionally, the regulator is seeking information on top tokens staked via decentralized-finance protocols.

The regulator started to send the questionnaires last month to some applicants and holders of its digital-payments license. To date, MAS granted licenses to only over a dozen of cryptocurrency companies, while almost 200 are still on the waitlist.

Moreover, the Singapore regulator is seeking information on steps the crypto companies are taking to go live after receiving the digital payment token service license. The report outlined that the regulator is poised to better understand the risks around the industry.

“Licensees and applicants are expected to notify MAS of any events that materially impede or impair the operations of the entity, including any matter which may affect its solvency or ability to meet its financial, statutory, contractual, or other obligations ,” a MAS spokesperson told the publication.

However, the regulator did not officially reveal its dealings with individual crypto companies, citing confidentiality.

The Asian Crypto Hub

Singapore is one of the most sought jurisdictions for crypto startups after the Chinese crackdown. However, the industry was rattled by the recent collapse of multiple local crypto companies, including Three Arrows Capital, Zipmex, Hodlnaut and Vauld.

Last month, the MAS revealed the consideration of bringing more restrictions on retail cryptocurrency trading, which might limit retail participation and leverages.

Earlier this year, the city-state imposed heavy restrictions on cryptocurrency promotions that banned companies from displaying crypto ads in public spaces. These restrictions even forced crypto ATM providers to remove their machines.

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