Thursday, March 28, 2024
10.1 C
London

HomeReportsSingapore seeks detailed information from crypto companies before new regulations

Singapore seeks detailed information from crypto companies before new regulations

Singapore’s financial authorities are taking steps towards increased censorship in the encryption area as the Central Bank of the debtor State reportedly requests companies to provide additional information about their activities and assets.

Prior to the possible expansion of the applicable rules, the Authority is trying to obtain a clearer idea of their financial situation, according to informed sources.

According to the report, the regulator asked companies to provide data related to their encryption assets, major lending and borrowing parties, lending amount and encumbered tokens via decentralized finance protocols. The Authority also wants to know how to set up crypto exchanges for launch after receiving regulatory approval in order to better understand the risks associated with them.

Source

DISCLAIMER

As per the principles outlined by the Trust Project, Cryptozia remains dedicated to delivering impartial and transparent reporting. This news article is intended to offer precise and punctual information. Nevertheless, it is recommended that readers autonomously corroborate the facts and seek advice from a qualified expert prior to making any decisions reliant on this content.

latest articles

explore more