Over the previous couple of years, we’ve got seen international regulators stroll a superb line as they try to manage digital belongings with out stifling innovation even because the expertise strikes on the pace of the web. Nowhere has this been extra true than in Singapore, the place regulators have sought to launch a framework for digital belongings targeted on making a welcoming setting for cryptocurrency companies whereas on the identical time zealously defending shoppers and mitigating the dangers of cash laundering and different illicit exercise. This has triggered strong promoting and AML regulation.
Singapore’s Fee Companies Act got here into impact in January 2020, offering a framework for regulating areas from buying and selling cryptocurrencies to utilizing tokens for funds. Beneath the regulation, the Financial Authority of Singapore (MAS) points digital cost token licenses to crypto firms that make it via the applying course of. And, in April, Singapore prolonged the licensing requirement to digital asset service suppliers within the city-state which solely do enterprise abroad.
Singapore has led the best way globally relating to crypto regulation. Understanding the regulatory framework in Singapore is vital for companies trying to have interaction with the nation, but additionally for these trying to perceive regulatory frameworks for digital belongings throughout the globe.
This video is hosted by TRM Labs, a blockchain analytics firm. We work with crypto companies, monetary establishments and authorities companies to observe, detect and examine fraud and monetary crime in crypto. Study extra about our mission to construct a safer monetary system for billions of individuals right here: https://www.trmlabs.com/about
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Concerning the Panelists:
– Ms Tan Shi Min is the pinnacle of the Coverage Division throughout the Funds Division on the Financial Authority of Singapore (MAS). The division is answerable for the authorisation, supervision and policy-making in relation to cost methods and cost service suppliers, similar to e-money issuers and digital cost token (extra generally often called cryptocurrency) service suppliers. Ms Tan oversees the formulation and assessment of regulatory insurance policies for retail cost methods and cost providers.
– John Ho is the World Head of Authorized, Monetary Markets for Customary Chartered Financial institution (“SCB”), overseeing and offering authorized advisory, transactional and documentation help for Monetary Markets (FM) enterprise globally for Customary Chartered Financial institution (SCB), its branches and associates. Mr. Ho can also be the co-chair of the ISDA South East Asia Authorized and Regulatory Committee and the ISDA Asia Pacific ESG Working group. He’s an lively participant within the business’s Fintech occasions and is a public speaker on matters similar to Blockchain, Digital Property, Monetary Markets, Sustainability and Regulatory Reforms.
– Grace heads Gibson Dunn’s Monetary Regulatory observe in Singapore, and has intensive expertise advising on cross-border and complicated regulatory issues, together with licensing and conduct of enterprise necessities, regulatory investigations, and regulatory change. A former in-house counsel on the Financial Authority of Singapore, Ms. Chong frequently interacts with key regulators, is intently concerned in regional regulatory reform initiatives and has led discussions with regulators on behalf of the monetary providers business.
– Ari Redbord is Head of Authorized and Authorities Affairs at TRM Labs. Previous to becoming a member of, he served as a Senior Advisor to the Deputy Secretary and the Beneath Secretary for Terrorism and Monetary Intelligence at the US Division of Treasury. On this capability, he labored with groups from the Monetary Crimes Enforcement Community (FinCEN), Workplace of Overseas Property Management (OFAC), and different Treasury and interagency elements on points associated to sanctions, the Financial institution Secrecy Act, cryptocurrency and anti-money laundering methods. Beforehand, Mr. Redbord served as a Senior Assistant United States Legal professional for the District of Columbia, the place he investigated and prosecuted circumstances associated to cryptocurrency, terrorist financing, sanctions evasion, export management, little one exploitation and human trafficking.
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