Bill gives Singapore's central bank expanded regulatory powers

The Monetary Authority of Singapore (MAS) will soon see its financial regulatory powers consolidated and expanded following the passage of an omnibus bill. The bill received support from the city-state's parliament amid the digitalisation of financial services, particularly the growing prevalence of digital token services. The Financial Markets and Services Bill, first tabled in February, enhances regulation of digital token service providers for money laundering and terrorist financing risks by covering even those who provide digital token services outside Singapore, so long as their businesses are created in or operate from Singapore, the Business Times reported. In addition, the new bill will give the MAS more powers to impose requirements in technology risk management and will raise the maximum penalty for a breach to SGD1m.