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Singapore Steps Up Crypto Questioning as Firms Brace for Changes

  • MAS has sent highly granular questionnaire to some firms
  • Regulator expected to broaden cryptocurrency regulations
The Monetary Authority of Singapore building in Singapore.

The Monetary Authority of Singapore building in Singapore.

Photographer: Wei Leng Tay/Bloomberg
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Singapore is intensifying its scrutiny of cryptocurrency-related firms in the city-state ahead of planned regulatory changes, according to people with knowledge of the matter.  

The Monetary Authority of Singapore has sent a questionnaire to some applicants and holders of its digital-payments license seeking highly granular information about their business activity and holdings, the people said, asking not to be identified as the process isn’t public. The questions, which were sent over the last month, focus on gauging the financial soundness of the firms and their interconnectedness, they said, with some adding they’re expected to respond promptly.