- MAS required that crypto platforms provide information about their operations.
- Claimed information about the most available DeFi tokens.
The regulators chose to closely examine the cryptocurrency industry in light of recent developments such as the increased dependence on cryptocurrencies and the subsequent market crash. Singapore seems to have placed a high priority on the safety of its citizens.
The Monetary Authority of Singapore (MAS) has made waves in the financial world over the past several months. MAS is stricter than ever, with measures ranging from restricting the participation of regular investors to outright rejecting applications for crypto licenses. The regulator’s power was enhanced when it required crypto platforms to provide information about their operations.
A decisive factor in the recent collapses
Bloomberg reports that regulators have been pressuring companies to provide information on their tokens, top lenders and borrowers, and loan amounts. It was also requested that information about most DeFi tokens be made available.
Given the recent collapse of many cryptocurrency services, this is not surprising. Several distressed crypto firms, including TerraForm Labs, Three Arrows Capital, Vauld, Hodlnaut, ZipmaxOrganizer’s attention has been drawn.
The global growth of cryptocurrencies has prompted governments to implement restrictions. However, some of them often over-regulate the sector, further stifling innovation. It seems that although most countries have found this balance, Singapore has not yet.
The cryptocurrency market is designed with the average consumer in mind. In addition, Singapore has issued nearly ten licenses for cryptocurrency platforms to operate in the region. It is noteworthy that this is the case out of a total of 200 cases that were applied.
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