MAS Seeks To Broaden Investigative Authority, Engulfs Bitcoin Futures

Coingapestaff
January 10, 2024
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Singapore crypto ban casinos MAS

In a strategic move to regulate digital assets more effectively, the Monetary Authority of Singapore advanced further with its cryptographic regulatory venture, stirring a whirlpool of speculative buzz across the Singaporean crypto landscape. Notably, according to a statement released by the authority on Wednesday, the MAS is now setting its sights on attaining broader investigative powers, eyeing a crackdown on unregulated digital products like BTC futures within the nation, among many others.

Concerning this, the MAS moved the Financial Institutions (Miscellaneous Amendments) Bill (FIMA) for its first reading in the parliament today, January 10. Also, in the midst of numerous regulatory developments, the bill specifically cracked down on Capital Markets Services License (CMSL) holders, fueling additional speculations within the Singaporean crypto space.

Also Read: Binance Delists BTC, ETH, BNB, LTC, FLOKI Spot Trading Pairs

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MAS’ Clamp Down On CMSL Holders

According to the statement released, CMSL holders have the supreme flexibility to partake in unregulated ventures, like facilitating products not overseen by the MAS. These ventures encompass Bitcoin futures and payment token derivatives on foreign exchanges, posing potential contagion risks to the holders’ regulated activities. Aligning with this, as these risks emerge, losses attained in unregulated sectors might impede the CMSL holder’s capacity to fulfill obligations in regulated domains, leading to a detriment.

Although the MAS has already offered sufficient guidance to CMSL holders for risk mitigation orbiting such dealings with retail investors, the FIMA bill additionally fosters a unique facet. Intriguingly, the bill authorizes the MAS to issue written directives drawing up minimum standards and safeguards when CMSL holders or their representatives engage in unregulated businesses. With this, the regulatory order now aims to fortify oversight, securing an equilibrium between the freedom of CMSL holders and mitigating potential risks that could affect the stability and obligations of regulated activities.

Furthermore, aligning with the monetary authority’s recent endeavor to supervise the digital assets realm, the MAS recently reinforced its crackdown by adding non-custodial wallet imToken and BKEX crypto exchange to its alert list. With this, the MAS portrays continued efforts to revolutionize the digital assets landscape within the nation.

Also Read: BlackRock and ARK 21Shares Slash Bitcoin ETF Fees In New S-1 Filings

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.