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Policy

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.

By Parikshit Mishra
AccessTimeIconAug 26, 2022 at 5:51 a.m. UTC
Updated May 11, 2023 at 5:23 p.m. UTC
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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.

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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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Parikshit Mishra
Parikshit Mishra

Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.

Follow @parikshitm899 on Twitter

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