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Singapore's Central Bank Asks Crypto Firms to Submit Business Data: Report
The move comes as the central bank is looking to bring in more safeguards for retail customers and a stablecoin regulation.
Updated May 11, 2023, 5:23 p.m. Published Aug 26, 2022, 5:51 a.m.
The Monetary Authority of Singapore (MAS), the country's central bank, has asked some digital asset firm to submit data about their business activity, Bloomberg reported, citing people with knowledge of the matter.
The central bank is set to make changes to its crypto regulation policies following the collapse of Singapore-based crypto hedge fund Three Arrows Capital and Singapore-registered Terraforms Labs and Vauld.
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Last month, MAS had asked some digital asset companies for their business-related data, including top tokens owned, top lending and borrowing counterparties, amount loaned, and top tokens staked via decentralized finance protocols, according to the report.
MAS had said that it is looking to bring in stronger safeguards to protect the retail customer, and was consulting the public for a stablecoin regulation.
At press time, MAS did not respond to CoinDesk's request for comment.
Read more: Singapore High Court Recognizes Three Arrows Capital Liquidation Order
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