The Monetary Authority of Singapore would be able to give written directions on conducting unregistered business among several new powers.
The Monetary Authority of Singapore (MAS) would receive expanded powers under a bill before the country’s parliament. If passed, the changes could significantly impact crypto firms.
Among other things, the provisions of the Financial Institutions (Miscellaneous Amendments) Bill 2024 would “expand MAS’ powers to issue directions to capital markets services licence holders (‘CMSL holders’) that conduct unregulated business.”
CMSL holders can offer unregulated products that could pose contagion risks to their regulated activities, the bill stated. The bill cited Bitcoin (BTC) futures and “other payment token derivatives traded on overseas exchanges” as an example. The MAS has already issued guidance on risk-mitigating measures for conducting unregulated business with retail investors, but its powers are being expanded:
