The Monetary Authority of Singapore (MAS) has proposed new regulations on cryptocurrency that will include those engaging in overseas activity, in an expansion on rules for the sector, according to a press release.
The release says MAS intends to broaden the scope of anti-money-laundering activity and fighting terrorism to include entities selling cryptocurrency overseas.
The release says this will be enforced through expanding the regulations already existing in Singapore for crypto firms there, aligning the country's regulations with the new standards of the Financial Action Task Force (FATF).
Cryptocurrency, in its path to becoming more mainstream around the world, will consequently see more regulations passed down, such as MAS's other recent action with government-owned investor Temasek to develop a framework for global blockchain transactions. The two organizations said an international consensus could help speed up transactions across borders.
MAS also proposed new powers to prevent people from working in the financial industry if they're found to be “unsuitable,” boost the framework for managing risk in tech, and make resolution dispute more effective.
MAS plans to expand who it will issue prohibition orders (POs) to for those who are “unsuitable” to work in the financial industry, now holistically analyzing whether misconduct will make one ineligible or incapable of performing the duties of a financial job, the release says.
And the actions on risk will help with the new, more comprehensive use of technology in peoples’ lives that has also come with more threat of risk, the release says.
Thus, MAS will “harmonize and expand its existing powers to impose requirements pertaining to technology risk management, including cyber security risks and data protection, on all regulated financial institutions,” according to the release.
MAS will be putting statutory protection in place for anyone acting as an approved dispute resolution operator, the release says, giving them more power to act independently to do their jobs in helping consumers resolve issues with financial institutions.