The Monetary Authority of Singapore (MAS) is working on broadening the scope of crypto regulations to cover more activities. MAS managing director Ravi Menon said that they will consult on crypto regulations involving consumer protection around September or October this year. He said that the crypto industry globally is still evolving and regulation is still catching up with industry trends. Menon also noted that the republic will likely see an increase in the number of entities that require licensing. Singapore’s parliament in April passed new measures that will require domestically-registered entities offering digital token services outside of Singapore to be licensed, but these laws have yet to take effect. MAS will organise a seminar next month to explain its strategies for developing Singapore as a digital asset hub.
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