Singapore steps up crypto questioning as firms brace for changes

Singapore was early to study blockchain technology and tout its ambitions as a crypto hub. But the recent defaults of several entities with key operations in the city-state have thrust its regulatory regime for crypto into the spotlight. — Reuters

Singapore is intensifying its scrutiny of cryptocurrency-related firms in the city-state ahead of planned regulatory changes, according to people with knowledge of the matter.

The Monetary Authority of Singapore has sent a questionnaire to some applicants and holders of its digital-payments license seeking highly granular information about their business activity and holdings, the people said, asking not to be identified as the process isn’t public. The questions, which were sent over the last month, focus on gauging the financial soundness of the firms and their interconnectedness, they said, with some adding they’re expected to respond promptly.