The Monetary Authority of Singapore proposes to conduct licensing evaluation and supervision of domestic and overseas digital token service providers

The Monetary Authority of Singapore (MAS) issued a consultation document on strengthening the response to risks in the financial industry. The document proposes to conduct licensing assessment and supervision of anyone who provides digital token services overseas in Singapore to combat anti-money laundering and terrorist financing. These regulations will align Singapore’s regulatory requirements on digital tokens with the revised standards adopted by the Financial Action Task Force (FATF) for virtual asset service providers, that is, virtual asset service providers must be in the jurisdiction of their place of business. Permit or register in the zone. In order to reduce misconduct in Singapore’s financial industry and protect investors, MAS also proposes to expand the scope of the ban. In addition, all regulated financial institutions need to avoid cybersecurity risks and protect their data.