{"id":69124,"date":"2022-10-26T13:20:00","date_gmt":"2022-10-26T10:20:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69124"},"modified":"2025-09-07T18:05:25","modified_gmt":"2025-09-07T15:05:25","slug":"mas-proposes-tighter-oversight-of-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/mas-proposes-tighter-oversight-of-the-crypto-industry\/","title":{"rendered":"MAS proposes tighter oversight of the crypto industry"},"content":{"rendered":"<p>The Monetary Authority of Singapore (MAS) <a href=\"https:\/\/www.mas.gov.sg\/news\/media-releases\/2022\/mas-proposes-measures-to-reduce-risks-to-consumers-from-cryptocurrency-trading-and-enhance-standards-of-stablecoin-related-activities\">presented<\/a> two consultative documents aimed at reducing potential consumer harm from the volatility of the cryptocurrency market.<\/p>\n<p>MAS is inviting comments from interested parties by December 21.<\/p>\n<p>The proposed measures include banning lending by firms backed by digital assets held by retail customers, and segregation of proprietary and client accounts.<\/p>\n<p>Trading platforms will be required not to offer incentives to attract retail clients and to refrain from accepting credit card payments or from extending them credit.<\/p>\n<p>MAS intends to deter speculative trading. In January, the regulator<a href=\"https:\/\/u1f987.com\/en\/news\/singapore-regulator-urges-crypto-firms-to-curb-advertising-of-services\"> imposed restrictions<\/a> on advertising crypto services in public places.<\/p>\n<p>The central bank said it aims to ensure a high degree of stability in the prices of stablecoins.<\/p>\n<p>In the case of fiat-pegged tokens (SCS) with a circulating value exceeding 5 million <span data-descr=\"Singapore dollars\" class=\"old_tooltip\">SGD<\/span> ($3.53 million), issuers must hold reserves of at least 100% of the nominal value of the SCS in circulation. They may consist of cash, cash equivalents, or short-term sovereign debt securities.<\/p>\n<p>At the same time, assets must also be denominated in the fiat to which the stablecoin is pegged.<\/p>\n<p>MAS allows the issuance of SCS pegged to any of the G10 currencies. Issuers may be banks. The base capital must be the greater of two amounts \u2014 1 million SGD (~$709,000) or to cover half of annual operating costs.<\/p>\n<p>No additional reserve or prudential requirements are contemplated.<\/p>\n<p>Earlier authorities <a href=\"https:\/\/u1f987.com\/en\/news\/singapore-central-bank-threatens-unscrupulous-players-in-the-crypto-industry\">promised<\/a> to fight violations in the sector &#8220;cruelly and relentlessly&#8221;.<\/p>\n<p>Shortly before that, Bloomberg sources reported that <a href=\"https:\/\/u1f987.com\/en\/news\/singapore-authorities-initiate-checks-on-crypto-firms\">MAS sent inquiries to industry players about their activities and assets<\/a>.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our Telegram \u2014 crypto news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Monetary Authority of Singapore (MAS) presented two consultative documents aimed at reducing potential consumer harm from the volatility of the cryptocurrency market.<\/p>\n","protected":false},"author":1,"featured_media":69125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,946,807],"class_list":["post-69124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-singapore","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69124"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69124\/revisions"}],"predecessor-version":[{"id":69126,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69124\/revisions\/69126"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69125"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}