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Singapore considers tightening cryptocurrency turnover
Singapore authorities want to regulate remote companies that provide their services in the country.
For violation of the proposed tightening, they propose to fine up to $ 700 thousand.
So far, Singapore can only regulate those companies that are directly located in the country..
Singapore regulator is exploring the possibility of expanding powers to regulate foreign crypto-oriented projects.
Monetary Authority of Singapore (MSA) is considering expanding its powers to regulate foreign companies that provide their services without an actual presence in the country.
The regulator announced this on its official website..
The regulator has proposed a new advisory document called the “New Comprehensive Act for the Financial Sector”, which expands the authority of the agency to regulate foreign companies providing their services without an actual location in Singapore.
Thus, MSA wants to take control of the regulation and licensing of any cryptocurrency business that illegally provides services from outside the country..
Within the powers
MAS now regulates the cryptocurrency market in accordance with the Law on Payment Services, which came into force in January this year.
However, this law regulates the activities of the cryptocurrency business, which is located in the country..
“Given the nature of such [cryptocurrency] transactions on the Internet, there may be organizations that offer services outside Singapore and are not counted in accordance with applicable law,” the document says..
Any person, whether natural or legal, who does not comply with the conditions for participation in regulated activities may be subject to sanctions if a new act is adopted at the legislative level.
“In exercising these powers, MAS will apply an approach proportionate to the risk, taking into account the nature, severity and consequences of the misconduct,” the MAS stressed..
The regulator also proposed to increase the maximum fine for violating the requirements for conducting cryptocurrency business in the country to $ 700 thousand.
Consultations on the issue of empowerment will last until August 20.
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Recently, the Singapore authorities have been actively suppressing any illegal business associated with the cryptocurrency market..
Despite the fact that in March the regulator announced the weakening of requirements for some companies, including cryptocurrency companies, to carry out their activities in the country, MAS suppresses any attempts to develop illegal business.
In June, Singaporean authorities arrested a man for providing unlicensed cryptocurrency-related services.
Then, according to a statement from law enforcement agencies, the attacker received at least 13 remittances to a bank account related to the illegal circulation of virtual assets, totaling $ 3,000.