He asked the Singapore central bank to send business data from firms in the cryptocurrency industry to further safeguard users and issue a stablecoin.
The central bank is poised to make changes to its crypto regulatory policies following the collapse of Singapore-based crypto hedge fund Three Arrows Capital and Singapore-registered Terraforms Labs and Vauld.
Singapore Tightens Its Controls
Singapore wants to intensify its scrutiny of cryptocurrency services firms in the city-state ahead of planned regulatory changes, according to people familiar with the matter.
The Monetary Authority of Singapore (AMS) announced that it has sent a questionnaire to some applicants and digital payment licensees asking for extremely detailed information about their business activities and assets. He said the questions sent last month focused on measuring the financial soundness of firms as well as their interconnectedness. They also stated that some are expected to respond immediately.
According to a spreadsheet sent to individuals and firms, the regulator requested that all data be sent, including the largest tokens owned, top lending and borrowing counterparties, amount loaned, and largest tokens staked through decentralized finance protocols.
MAS Managing Director Ravi Menon will try to assess the events next week and already told the industry that the scope of the regulations will be expanded to cover more activities.
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