Monetary Authority of Singapore Sets Sights on Broader Investigative Powers to Crack Down on Unregulated Digital Products

The Monetary Authority of Singapore is taking steps to regulate digital assets more effectively by seeking broader investigative powers to crack down on unregulated digital products like BTC futures. The Financial Institutions (Miscellaneous Amendments) Bill (FIMA) was moved for its first reading in parliament on January 10, specifically cracking down on Capital Markets Services License (CMSL) holders. CMSL holders have the flexibility to partake in unregulated ventures, posing potential contagion risks to their regulated activities. The FIMA bill authorizes the MAS to issue written directives drawing up minimum standards and safeguards when CMSL holders engage in unregulated businesses to secure an equilibrium between their freedom and mitigating potential risks.