Showing 148 Documents for "crypto"
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- MAS
- Speeches
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- DEVELOPMENTS IN THE CRYPTO ECOSYSTEM Let me now say a few words about the implications of the current turmoil and volatility in the global crypto industry. Some crypto players that have come under strain have been reported by the media as being “Singapore-based”.
- But the key lesson from the upheaval in the global crypto industry is clear: investing in cryptocurrencies is highly risky. This is what MAS has been warning the public about for the past 5 years.
- In reality, these so-called “Singapore-based” crypto firms have little to do with crypto-related regulation in Singapore. TerraForm Labs and Luna Foundation Guard are not licensed or regulated by MAS, nor have they applied for any licence or sought exemption from holding any licence.
- MAS
- Media Releases
Last revised date:
- Trading in cryptocurrencies (also known as digital payment tokens or DPTs) is highly risky and not suitable for the general public. However, cryptocurrencies play a supporting role in the broader digital asset ecosystem, and it would not be feasible to ban them.
- DPT service providers will be required to provide relevant risk disclosures to enable retail consumers to make informed decisions regarding cryptocurrency trading. They must also disallow the use of credit facilities and leverage by retail consumers for cryptocurrency trading. • Business Conduct.
- Therefore, to reduce the risk to consumers from speculative trading in cryptocurrencies, MAS will require that DPT service providers ensure proper business conduct and adequate risk disclosure. 3. The proposed measures cover three broad areas – • Consumer Access.
- MAS
- Parliamentary Replies
Last revised date:
- The prices of cryptocurrencies fluctuate wildly and investors stand to lose all the monies they have put into cryptocurrencies. * * *
- It is therefore not possible to determine the proportion of cryptocurrency holdings that the public has obtained through MAS-licensed DPT service providers. 2. MAS has continued to reiterate its warnings that retail investors should not trade in cryptocurrencies.
- Data on the total cryptocurrency holdings of the Singapore public are not available, as these involve transactions with both Singapore-based and overseas service providers.
- MAS
- Speeches
Last revised date:
- While today’s crypto instruments (e.g. Bitcoin) have failed to become money, we should not discount the possibility of better algorithms leading to viable cryptocurrencies as a global medium of exchange in the future.
- By decentralising key aspects of financial infrastructure, such as access, data, and code, open crypto networks can also potentially enhance inclusion and innovation.
- But the widespread use of private cryptocurrencies could lead to an erosion of the nation state’s monetary sovereignty. This will in turn have implications for central banks’ ability to safeguard financial stability.
- MAS
- Parliamentary Replies
Last revised date:
- MAS requires all FIs to ensure compliance with the measures, regardless of whether transactions are facilitated using traditional financial channels, or through cryptocurrency exchanges or “decentralised finance” protocols.
- and decentralised finance (DeFi) will prevent sanctioned individuals and companies from using non-traditional forms of finance to circumvent the sanctions; and (b) if not, whether MAS is looking at introducing or revising our regulation of cryptocurrencies and DeFi shortly.
- WRITTEN ANSWER Date: For Parliament Sitting on 4 April 2022 Name and Constituency of Member of Parliament Mr Saktiandi Supaat, MP, Bishan-Toa Payoh GRC Question: To ask the Prime Minister in light of the financial sanctions that have been imposed against Russia (a) whether Singapore's regulation of cryptocurrencies
- MAS
- Media Releases
Last revised date:
- Notwithstanding these measures, consumers must continue to exercise utmost caution when trading in cryptocurrency. Regulations cannot protect consumers from losses arising from the inherently speculative and highly risky nature of cryptocurrency trading. ***
- It is also why MAS has been continually reminding the general public since 2017 that dealing in cryptocurrency is highly hazardous. 5. MAS issued a consultation paper on 26 October 2022 proposing regulatory measures to reduce risks to consumers from cryptocurrency trading.
- MAS
- Parliamentary Replies
Last revised date:
- currencies such as bitcoin in Singapore; (b) how do crypto currencies affect our finance industry; (c) whether studies are being conducted to assess the problems and risks of using/investing in crypto currencies; and (d) whether regulatory frameworks are necessary in the future.
- With advancement in technology, new virtual means of payment have emerged, such as cryptocurrency, which is a form of digital token secured by cryptography. They are not legal tender. But some people put their trust in them and use them as a means of payment.
- QUESTIONS NO 658 NOTICE PAPER 874 OF 2017 FOR WRITTEN ANSWER Date: For Parliament Sitting on 3 October 2017 Name and Constituency of Member of Parliament Miss Cheng Li Hui, MP, Tampines GRC Question: To ask the Prime Minister (a) whether the Government is keeping track of the use/investment of crypto
- MAS
- Parliamentary Replies
Last revised date:
- proceedings presents a systemic risk to Singapore’s financial system; (b) whether it is time to enhance cryptocurrency regulation beyond money laundering and terrorism financing to prudential regulation and investor protection; and (c) how does the above fit into any broader strategy to develop a cryptocurrency
- QUESTION NO 2029 NOTICE PAPER 1269 OF 2022 FOR WRITTEN ANSWER Date: For Parliament Sitting on 2 August 2022 Name and Constituency of Member of Parliament Mr Saktiandi Supaat, MP, Bishan-Toa Payoh GRC Question: To ask the Prime Minister (a) whether the recent spate of cryptocurrency firms entering insolvency
- PDPC
- Commission's Decisions
Last revised date:
- The Organisation was in possession of 822,096 individuals Customer Data, including photo-image of documents and other information provided by 362,035 customers for KYC purposes, cryptocurrency transactions and bank account information.
- The Organisation operates a global cryptocurrency exchange under the Liquid brand, and has customers around the world. 4 At the time of the Incident, the Organisations back-end IT infrastructure included the following: -------- (a) Its vendor-procured cloud computing
- platform (Cloud Platform) which it used to run its cryptocurrency exchange platform, and which hosted its cloud computing database; and (b) Its additional cloud computing storage procured from another vendor, which it used to store documents such as Know-Your-Client (KYC)
- MAS
- Media Releases
Last revised date:
- MAS Assistant Managing Director (Policy, Payments and Financial Crime), Ms Loo Siew Yee said, “MAS strongly encourages the development of blockchain technology and innovative application of crypto tokens in value-adding use cases.
- The Monetary Authority of Singapore (MAS) today issued guidelines giving effect to MAS’ expectations that Digital Payment Token (DPT or more commonly known as cryptocurrency) service providers should not promote their DPT services to the general public in Singapore. 2.
- But the trading of cryptocurrencies is highly risky and not suitable for the general public. DPT service providers should therefore not portray the trading of DPTs in a manner that trivialises the high risks of trading in DPTs, nor engage in marketing activities that target the general public.” 6.