Singapore Wants Information About Crypto Companies In Advance Of Potential Regulatory Reforms

Singapore – The Monetary Authority of Singapore (MAS) is requesting certain information from some applicants and authorized cryptocurrency companies, Bloomberg reported on Friday, citing people familiar with the matter.

“In light of the various insolvencies and counterparty defaults which have plagued the crypto industry recently, the MAS is likely to be assessing the need for additional regulatory measures to mitigate the risks that led to these distressed scenarios” Hagen Rooke, a partner at law firm Reed Smith LLP in Singapore

Singapore-based hedge fund Three Arrows Capital declared bankruptcy

By the end of the month, both the cryptocurrency exchange Zipmex and the cryptocurrency lender Vauld had stopped accepting withdrawals.

According to Bloomberg, the MAS is requesting specific information from businesses regarding the cryptoassets they own, lending and borrowing counterparties, loan amounts, and top tokens staked using decentralized-finance protocols.

An MAS spokesperson told Bloomberg in response to a query about the requests:

“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.”

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