Singapore seeks crypto company details ahead of possible regulatory changes: Bloomberg

Quick Take

  • The Monetary Authority of Singapore is reportedly asking for detailed information from licensed cryptocurrency companies and from some applicants as well.

The Monetary Authority of Singapore (MAS) is asking for detailed information from licensed cryptocurrency companies and from some applicants, Bloomberg reported on Friday, citing people familiar with the matter.

“In light of the various insolvencies and counterparty defaults which have plagued the crypto industry recently, the MAS is likely to be assessing the need for additional regulatory measures to mitigate the risks that led to these distressed scenarios,” Hagen Rooke, a partner at law firm Reed Smith LLP in Singapore, told Bloomberg.

In particular, Singapore-based hedge fund Three Arrows Capital filed for bankruptcy in early July, while later that month crypto exchange Zipmex filed for protection against creditors and crypto lender Vauld halted withdrawals.

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Bloomberg said the MAS is asking companies for detailed information on crypto assets they hold, lending and borrowing counterparties and amounts loaned as wel