Singapore's financial regulator and central bank, the Monetary Authority of Singapore (MAS), has issued a consultation paper in which proposed to extend powers to tighten regulation of the cryptocurrency market.
The so-called "Consultation Paper on the New Omnibus Act for the Financial Sector" document proposed including additional powers to prohibit unsuitable individuals from working in the financial industry.
"MAS therefore proposes to introduce a harmonized and expanded power to issue a PO [prohibition orders] against any person who is not fit and proper to engage in regulated activities and identified roles and functions across the financial industry," the regulator wrote in the document.
The regulator wants to expand the scope of anti-money laundering (AML) to persons and/or organizations in Singapore that provide crypto-focused services overseas.
MAS also proposes to increase the maximum penalty up to S$1 million ($723,565) for any contravention of technology risk management, including cybersecurity risks and data protection, on all regulated financial institutions.
The consultation closes at 11.30 PM on 20 August 2020.
Previously, iHodl reported that the MAS completed development and testing of a blockchain-based multi-currency payments network called Project Ubin.
According to an official press release, the blockchain-based network is ready for commercial applications across different industries.
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