The Monetary Authority of Singapore (MAS) decided to regulate the crypto sector in cooperation with Japan, Switzerland, and the United Kingdom (UK).
The Monetary Authority of Singapore (MAS) is the central bank & financial regulatory body. This agency plays a main role in monetary functions, including issuing currency, monetary policy, and supervision of financial services for more than 5 million Singapore citizens.
On 30 Oct 2023, Singapore’s MAS agency announced that it would work with Japan, Switzerland, and the United Kingdom (UK) to regulate the crypto sector.
Under the cooperation with the financial regulators of these mentioned countries, MAS will promote digital asset legal, policy, and accounting discussions, support the development set of rules to allow cross-border crypto transactions, promote digital asset pilots through regulatory sandboxes, and promote knowledge-sharing among regulatory agencies and industries.
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The majority of the crypto Investors called this move a game changer because it will help the crypto sector to evolve more perfectly as per the potential of cryptocurrencies and also will bring an opportunity for the crypto companies to bring crypto-focused businesses to overcome the traditional financial challenges.
Some experts noted that such efforts will also help all those global crypto exchanges to run business easily because crypto-focused cooperation between the financial regulators of different countries will allow the crypto firms to treat all the customers under the same crypto regulatory zone.
Singapore’s move is not a sudden decision because in August of last year, Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS, confirmed that the MAS agency was in talks with the foreign financial regulators to regulate the crypto sector under the international regulatory framework.
Crypto regulatory efforts by the MAS agency will surely draw the attention of all those crypto companies that are not present in Singapore and probably they will try to establish their presence, as they will get full regulatory clarity to run crypto business.
Read also: SEC chairman Gensler says not allowing Bitcoin spot ETF makes nonsense
Singapore decides to regulate the crypto sector with 7 countries under a single rule
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