This article briefly:
The Monetary Authority of Singapore (MAS) has warned DPT service providers to avoid offering crypto payment incentives.
In addition, MAS requires DPT service providers to maintain high availability and recoverability of their critical systems.
Against this backdrop, MAS is working to oversee cryptocurrencies in the country, including setting up a task force and issuing licenses to cryptocurrency firms.
The Monetary Authority of Singapore (MAS) has released public feedback on its proposed regulations for digital payment token (DPT) service providers in Singapore.
“DPT service providers should discourage retail clients from speculating in cryptocurrencies,” the statement said.
MAS warns Singapore about cryptocurrency payment incentives
According to a recent statement, MAS reiterated that it will issue guidelines to DPT service providers to ensure they comply with the correct regulations in place.
“In terms of business conduct, MAS will issue guidelines for DPT service providers to implement these measures, which received broad support from respondents.”
Furthermore, according to MAS, those who provide customers with the ability to transact using cryptocurrencies must not offer any incentives. In addition, it must conduct a risk analysis of customers before allowing them to use cryptocurrencies for payment services.
“We urge consumers to be vigilant and exercise extreme caution when dealing with DPT services and not to deal with unregulated entities, including those overseas,” she said.
Furthermore, according to MAS, those who provide customers with the ability to transact using cryptocurrencies must not offer any incentives. In addition, it must conduct a risk analysis of customers before allowing them to use cryptocurrencies for payment services.
“We urge consumers to be vigilant and exercise extreme caution when dealing with DPT services and not to deal with unregulated entities, including those overseas,” she said.
MAS strengthens regulation of cryptocurrency activities
Meanwhile, MAS announced Project Guardian, an initiative to strengthen cross-border crypto regulation.
Project Guardian will focus on advancing cryptocurrency pilots across fixed income, foreign exchange, and asset management products.
However, Singapore has set up a task force dedicated to tackling illegal activities on cryptocurrency exchanges.
Singapore has seen an increase in business activity in the cryptocurrency industry in recent years. At the same time, the Monetary Authority of Singapore (MAS) has granted licenses to cryptocurrency companies in the country. #新加坡 #加密支付
