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.

AccessTimeIconAug 26, 2022 at 5:51 a.m. UTC
Updated Aug 26, 2022 at 2:55 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.