Singapore seeks detailed information from crypto companies before new regulations

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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.


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