MAS sent a detailed questionnaire to some firms

Ahead of anticipated legislative reforms, Singapore is concentrating more on companies involved in the cryptocurrency industry.

Some applicants and holders of digital payment licenses received questionnaires from the Monetary Authority of Singapore (MAS) requesting thorough information about their operations and assets.

 Regulators expected to expand cryptocurrency rules

The actions are being taken ahead of anticipated reforms to Singapore’s crypto regulations, where officials are juggling their desire to promote innovation with their desire to lessen the effects of failing businesses and ordinary investors.

A MAS spokeswoman stated that “Licensees and applicants are expected to notify MAS of any occurrence that materially hinders or disrupts the entity’s operations.” “This includes any issue that may affect its solvency or capacity to meet its financial, statutory, contractual or other responsibilities.”

Of the roughly 200 applicants, the agency has so far approved more than 10 licenses for cryptocurrency companies that applied to offer services using digital payment tokens in Singapore.