Which regulatory bodies are responsible for overseeing the digital currency industry in Singapore?

3 answers

• Hildebrandt ValenzuelaMay 20, 2024 · a year ago
  The Monetary Authority of Singapore (MAS) is the primary regulatory body responsible for overseeing the digital currency industry in Singapore. MAS plays a crucial role in ensuring the stability and integrity of the financial system. They regulate and supervise digital payment token services, including cryptocurrency exchanges and digital wallet providers. MAS sets out guidelines and requirements for these entities to follow, such as anti-money laundering and counter-terrorism financing measures. They also conduct regular inspections and audits to ensure compliance.
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• Corneliussen NicolaisenNov 03, 2023 · 2 years ago
  In Singapore, the regulatory bodies responsible for overseeing the digital currency industry are the Monetary Authority of Singapore (MAS) and the Inland Revenue Authority of Singapore (IRAS). MAS focuses on regulating and supervising digital payment token services, while IRAS is responsible for tax-related matters. MAS ensures that digital currency businesses comply with anti-money laundering and counter-terrorism financing regulations, while IRAS ensures that appropriate taxes are paid on digital currency transactions. These regulatory bodies work together to create a safe and transparent environment for the digital currency industry in Singapore.
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• Eliasen FloresMar 26, 2024 · 2 years ago
  When it comes to overseeing the digital currency industry in Singapore, the Monetary Authority of Singapore (MAS) takes the lead. MAS is known for its proactive approach in regulating digital payment token services, including cryptocurrency exchanges and digital wallet providers. They have implemented strict guidelines and requirements to ensure the security and integrity of the digital currency ecosystem. MAS conducts regular inspections and audits to ensure compliance with anti-money laundering and counter-terrorism financing measures. Their efforts contribute to Singapore's reputation as a global hub for digital currency innovation and development.
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