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Singapore’s MAS to expand powers in financial sector under new bill

The Monetary Authority of Singapore (MAS) is set to gain expanded investigative and regulatory powers in the financial sector under a new bill. This legislation will enhance the MAS’s evidence-gathering abilities and improve coordination with agencies like the Commercial Affairs Department and Attorney-General’s Chambers. The Bill allows the MAS to compel testimony, enter premises without prior notice, and obtain warrants for seizing evidence. It also enables the MAS to reprimand individuals for past misconduct, even if they’ve left the financial sector. Additionally, the Bill extends the MAS’s oversight to unregulated financial activities, such as Bitcoin futures, requiring minimum standards and safeguards. Lastly, it bolsters the MAS’s supervisory powers, including the authority over key appointments and foreign regulatory collaborations.


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