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Singapore Will Change Crypto-Related Services: MAS Head

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The Monetary Authority of Singapore (MAS) has tightened the licensing process for digital asset providers to become “Responsible Global Crypto Center”

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MAS Managing Director Ravi Menon discusses the huge risks to retail investors and the potential for misuse of cryptos for money laundering and terrorist financing. Emphasizing the tightening of the crypto licensing process,

developing regulations in Singapore for cryptocurrencies has occurred continuously A few years ago, in early 2022, the legal environment and high crypto adoption rates changed in city-states after the MAS issued a new circular crypto advert and caused ATM operators to shut down.

MAS Criteria for Crypto Licensing

MAS has been closely watching to ensure compliance and risk management.So far, regulators have approved a small fraction of the over 170 digital asset applicants. Over 100 businesses applying for crypto licenses in the country have failed to meet licensing requirements, according to Nikkei Asia.

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