Singapore Regulator Advocates ‘One Regulatory System’ for Crypto and Traditional Finance – Regulation Bitcoin News
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Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), has recently advocated for a single regulatory system for both traditional finance and crypto. The regulator is of the opinion that a unified system would help to reduce the risk of financial crime and money laundering.
The MAS believes that a single regulatory system for both traditional finance and crypto would create a more efficient system for monitoring financial activities. This would allow the regulator to better detect and prevent money laundering and other financial crimes. The MAS also believes that a unified system would help to reduce the risk of fraud and other financial crimes, as well as reduce the cost of compliance for businesses.
The MAS has been working with the industry to develop a unified regulatory system for both traditional finance and crypto. The regulator is currently in the process of developing a framework that would allow for the unified system. The framework is expected to include measures to ensure that businesses comply with anti-money laundering and counter-terrorist financing regulations.
The MAS has also been working with the industry to develop a framework for regulating the trading of cryptocurrencies. The regulator is currently in the process of developing a framework that would allow for the regulation of cryptocurrency exchanges. The MAS believes that this would help to ensure that the exchanges are operating in a safe and secure manner.
The MAS has also been pushing for greater transparency in the crypto industry. The regulator has recently proposed a new set of rules for crypto exchanges that would require them to disclose information about their customers and activities. The regulator believes that this would help to reduce the risk of fraud and other financial crimes.
The MAS is also advocating for greater consumer protection in the crypto industry. The regulator has proposed measures that would require crypto exchanges to provide customers with adequate protection against fraud and other financial crimes. The regulator believes that this would help to ensure that customers are protected from any potential harm.
Overall, the MAS is advocating for a unified regulatory system for both traditional finance and crypto. The regulator believes that this would help to reduce the risk of financial crime and money laundering, as well as reduce the cost of compliance for businesses. The regulator is also pushing for greater consumer protection in the crypto industry, as well as greater transparency.
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