Regulatory Changes For Blockchain Related Transactions In Singapore
As per reports Singapore’s central bank and financial regulator MAS has issued a meeting paper in which it is looking into the current administrative and regulatory system which has been set up since 2002. This is to suit the requests of a dynamic money related administrations scene. Every money related establishment and other invested individuals have been invited to submit written remarks to the paper by 22 June 2018.
The principle change proposed by MAD is the progress to a three-level framework for the second class of operators, the recognized market operators (RMO). Right now, the greater part of operators are set in two classes – the approved exchanges (AE) and the RMOs.
A reconsidered framework would put target advertise administrators with constrained access to Singapore-based retail financial specialists under Tier 1, market operators that qualify under the current RMO structure in Tier 2 and market operators that have a fundamentally littler size of business contrasted with more settled administrators under the current AE and RMO administration in Tier 3.
Singapore has already emphasized how it does not view cryptocurrencies as a threat and its hands-off approach to cryptocurrency regulation in the past has helped position it as a moderate jurisdiction in the space. The changes to its framework could make it even more attractive.