Showing 148 Documents for "crypto"
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- MAS
- Parliamentary Replies
Last revised date:
- Investors, on their part, should exercise extreme caution when trading cryptocurrencies. ***
- Cryptocurrency funds are also not authorised for sale to retail investors. 5. Exchanges offering the trading of cryptocurrencies are regulated as digital payment token service providers under the Payment Services Act.
- The size of the cryptocurrency market in Singapore remains small compared to, say, shares and bonds.
- MAS
- Consultations
Last revised date:
- In addition, stablecoins have emerged as a new class of cryptocurrencies intended to be relatively stable in value to address concerns over excessive price volatility of the first generation of cryptocurrencies.
- While no internationally-agreed definition exists for this broad class of cryptocurrencies, the Financial Stability Board (the FSB) has suggested that a 'stablecoin can be defined as a crypto-asset designed to maintain a stable value relative to another asset (typically a unit of currency
- According to a whitepaper published by Facebook on 18 June 2019, Libra is a global cryptocurrency that will comprise tokens backed by a reserve of real assets (Libra Reserve) designed to give it intrinsic value. The Libra Reserve aims to ensure the price stability of Libra.
- PDPC
- Commission's Decisions
Last revised date:
- The Commissioners findings and grounds of decision of the matter 3 The Organisation had conducted a crypto-currency ICO registration exercise via a website1 (Website) which it owned and managed at the material time.
- Tan Kiat How, Commissioner Case No DP-1802-B1674 20 June 2019 Background 1 The case concerns the unauthorised access and disclosure of personal data arising from a registration exercise for a crypto-currency initial coin offering (ICO).
- MAS
- FAQs
Last revised date:
- And finally, entities that buy or sell DPT or what we commonly call cryptocurrencies, or establish or operate a DPT exchange are regulated under the PS Act. Question 13.
Q&A covered- What is "limited purpose e-money"?
- What constitutes a "person outside Singapore" for the purposes of cross border money transfers?
- Does the calculation of the SPI threshold for e-money issuance include e-money that has already been spent?
- Do Technology Risk Management (TRM) measures apply to merchant acquirers?
- How is account issuance regulated under the PS Act different from the previously regulated payment services?
- What is interoperability and why is it necessary for Singapore’s e-payment ecosystem?
- Is a fiat on-ramp service required to safeguard the cryptocurrency purchased with fiat?
- How does MAS regulate AML/CFT measures for DPT service providers?
- Is all e-money regulated?
- E-wallet providers are prohibited from providing cash withdrawal services. Would this inability to withdraw cash discourage customers from using e-wallets?
- What requirements are non-bank credit cards or charge cards issuers subject to under the Payment Services Act?
- What is an e-wallet?
- Regulations relating to e-money stored in e-wallets
- When is an account issuance service provider also considered a merchant acquisition service?
- Why is it necessary to regulate the provision of an e-wallet as a separate activity from the issuance of e-money? Are they not the same?
- Is an e-wallet top up service an account issuance service?
- AML/CFT requirements for custodian wallet services
- Which regulated activities are typically associated with e-wallet businesses?
- When are e-wallet services considered "low risk"?
- Why are e-wallet providers prohibited from providing cash withdrawal services?
- What are some examples of entities that provide merchant acquisition services?
- What regulations are typically associated with e-money transfers?
- Do non-bank credit card or charge card issuers require a license under the Payment Services Act?
- The payment services of domestic money transfer, cross border money transfer and merchant acquisition appear to overlap. Is that intended?
- MAS
- Speeches
Last revised date:
- crypto token businesses; and leverage when borrowers pledge crypto tokens as collateral to borrow and buy more crypto tokens.
- I will use the more generic term “crypto tokens” rather than “crypto currencies” or “crypto assets”. Crypto tokens began life as the medium of exchange within the blockchain ecosystem. But the token has now assumed a life of its own, outside the blockchain. Are crypto tokens money?
- Several cryptocurrency exchanges abroad have suffered cyber attacks and theft of their crypto tokens. There are also rumours and reports of rampant market manipulation and other fraudulent activities on crypto-exchanges.
- MAS
- External Publications
Last revised date:
- Cryptocurrency Accounts 4.
- Transfer of cryptocurrencies 2. Exchange of cryptocurrency to fiat currency and vice versa 3.
- Types of Customer Nexus to Cryptocurrencies While there may be other customers with nexus to cryptocurrencies, this best practice paper will cover three main types of customer nexus to cryptocurrencies.
- MAS
- Speeches
Last revised date:
- The cryptocurrency world is borderless. With just a mobile phone, Singaporeans have access to any number of crypto exchanges in the world and can buy or sell any number of cryptocurrencies. The cryptocurrency market is also fraught with risks of market manipulation.
- But cryptocurrencies have taken a life of their own outside of the distributed ledger – and this is the source of the crypto world’s problems.
- I have not said anything yet about cryptocurrencies. Let me come to that now. A cryptocurrency is the digital asset issued directly by the distributed ledger protocol.
- MAS
- Parliamentary Replies
Last revised date:
- consumer risks in cryptocurrency trading.
- a well-paced crypto industry development in Singapore.
- MAS’ surveillance shows that key financial institutions in Singapore have insignificant exposures to cryptocurrency and crypto players. 9.
- MAS
- Parliamentary Replies
Last revised date:
- Cryptocurrency transactions are anonymous. Given also the decentralized systems behind cryptocurrency payments, and the speed at which they can be performed, they can be used to conceal the illicit movement of funds.
- The second priority is to help people be aware of the risks of putting their money in cryptocurrencies. Cryptocurrencies such as bitcoins are a very high risk investment, subject to sharp swings in prices driven by speculation.
- Our enforcement agencies are on the lookout for illegal activities related to cryptocurrency trading.
- MAS
- Media Releases
Last revised date:
- Investors in cryptocurrencies should be aware that they run the risk of losing all their capital. 4 There is no regulatory safeguard for investments in cryptocurrencies. As in most jurisdictions, MAS does not regulate cryptocurrencies.
- If a cryptocurrency intermediary is found to have used cryptocurrencies illegally, its operations could be shut down by law enforcement agencies.
- Nor do MAS regulations extend to the safety and soundness of cryptocurrency intermediaries or the proper processing of cryptocurrency transactions. 5 As most operators of platforms on which cryptocurrencies are traded do not have a presence in Singapore, it would be difficult to verify their authenticity