- MAS calls for stricter due diligence from digital token payment and cryptocurrency firms.
- Hong Kong’s MEEX prepares to apply for VASP licences amid stringent AML/KYC norms.
- Major HK consortiums are working towards compliant cryptocurrency exchanges.
The Monetary Authority of Singapore (MAS) has introduced a new directive aimed at elevating the level of due diligence among digital token payment and cryptocurrency firms. As part of this mandate, companies must now take measures to identify and report ‘high-risk customers’, thereby setting a higher bar for information collection and provision.
Simultaneously, Hong Kong’s MEEX, a prominent exchange platform backed by a local consortium, has announced its preparations for applying for Virtual Asset Service Provider (VASP) licences. MEEX, currently offering BTC ETH spot trading, underscores the requirement for users to adhere to rigorous Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) and Know Your Customer (KYC) standards.
This move comes as a majority of local consortiums in Hong Kong are either participating in or directly initiating the creation of compliant cryptocurrency exchanges. These consortiums, recognizing the importance of adherence to emerging regulations, are aligning their operations accordingly.
This dynamic development in the cryptocurrency space signifies a concerted effort towards standardizing operations and enhancing the safety and credibility of transactions. It also showcases the seriousness with which regulators and exchanges alike are addressing potential risks associated with cryptocurrencies.
Moreover, Singapore’s future in the cryptocurrency domain looks promising and robust. The recent regulatory measures introduced by MAS underscore Singapore’s commitment to establishing a safe, secure, and compliant crypto environment. These enhanced regulations are likely to attract more responsible and credible participants in the crypto space, thus strengthening Singapore’s position as a leading crypto hub in the world.
