Singapore’s MAS curbs speculation, introduces new crypto regulation
The Monetary Authority of Singapore (MAS) has taken a step in shaping the future of crypto currency within its borders, introducing a set of regulations aimed at safeguarding consumers. In response to the growing influence of cryptocurrencies, MAS has released the final tranche of regulations for Digital Payment Token (DPT) service providers, addressing concerns related to business conduct, consumer access, and technology and cyber risk management. MAS has outlined specific measures to guide DPT service providers in conducting business responsibly. These include identifying and mitigating conflicts of interest, establishing transparent criteria for DPT listings, and implementing effective procedures for addressing customer complaints and disputes. The move reflects a commitment to ethical business practices within the crypto sphere. To mitigate the risks associated with cryptocurrency speculation, MAS mandates DPT service providers to assess a customer’s risk awareness, refra...