By Hassan Mehmood (Saudi Arabia)
Singapore is on the verge of bringing new regulatory reforms within the country by investigating the business activities of the crypto firms that are presently in business.
Monetary Authority of Singapore or the MAS for short is the central bank of Singapore that has asked many crypto firms operating within the country to submission of their detailed working process, the regulations that they are following at the moment, and to bring forth a registration if they have any.
This is being done as a precautionary measure to safeguard the money of the investors after the crash of various other crypto firms such as the likes of Terraform labs, Three Arrows Capital, and many others.
The MAS has sent a brief and concise questionnaire to these concerned crypto firms who are under their watch. The questionnaire asks about the present offerings of the firms, the investing regimes that they are tempted to at the moment, and also the offers that they are giving out to their prospective customers.
Also read:Crypto Firms Investigation
According to these crypto firms, the request for the information was quite granular which means that the MAS is asking for a lot of privileged information from these firms which they might not want to share with the regulatory bodies that easily but nonetheless they have agreed to work with the MAS and to help them within the investigations.
Apart from all that the information pertaining to the crypto assets that the firm was holding at the moment and the lending and borrowing activity of the firm were also asked within the questionnaire.
There are specific areas as told by the MAS in which betterment is required and these include the solvency practices of the crypto firms, how keen they are to make sure that the investments of the users are secure at all times and are not prone to any kind of risks or other added measures? This kind of assessment is to be made pretty standard otherwise the money of the investors will always be at the risk of disappearing into the thin air.
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