Singapore adds $1m fines to sweeping new financial services regulatory powers

Mark Battersby
clock • 3 min read

New legislation which seeks to expand the Monetary Authority of Singapore's (MAS) regulatory powers over the financial services sector has been tabled in the Singapore parliament. Among other things, the proposed Financial Services and Markets Bill 2022 (FSM Bill) would enhance regulation of virtual asset service providers (VASPs) including cryptocurrency services, said Pinsent Masons in a briefing note on 22 February.  The bill aims to complement MAS's existing entity and activity-based regulation and, when enacted into law, will allow MAS to address financial sector-wide risks more ...

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