The Monetary Authority of Singapore is pushing for a new law that seeks to regulate transactions with crypto assets to all local companies that operate in the city-state, as well as abroad.
The Monetary Authority of Singapore announced a new law that will regulate cryptocurrency trading framed in FATF standards.
Under the name ¨ New Omnibus Law for the Financial Sector¨ the Monetary Authority of Singapore pretends to expand and change the regulatory framework that rules the sector in the city-state.
¨The provisions of the New Law will broaden the range of existing legislation, which already regulates most of the token services provided in Singapore, states the official MAS document.
The new law will include all local companies operating in the country, as well as those operating abroad.
The main objective of the regulation is to filter those companies that do not fulfill with the requirements established in the standards of the Financial Action Task Force.
Consequently, the local body intends to prohibit any company that is not framed within the new law from operating in Singapore.
New regulatory framework will be consulted
Thus, the Monetary Authority of Singapore prepared a consultation document, with the intention of presenting the ¨New Omnibus Law for the Financial Sector¨.
The document is 99 pages long and will be available for Singapore citizens until August 20th of this year.
In this way, citizens will be able to include all the opinions and considerations that they believe appropriate and necessary, so that they are taken into account when carrying out the final law.
Furthermore, the Monetary Authority of Singapore will be able to poll public opinion on the initiative.
In addition to this new law, Singapore is developing a multi-currency payment system on blockchain in cooperation with the firm Temasek.
At the same time, it also studies the possibilities and advantages of issuing a digital currency run by the Monetary Authority of Singapore itself.