Singapore

Fintech / Regtech

MAS Guidance on Stablecoins Set to Impact Crypto Firms

By Manesh Samtani | 15/03/2022

Stablecoins must be treated as DPTs rather than e-money. A new notice specifies a risk warning that must be provided to all customers of DPT services.

Securities / Derivatives

MAS Issues New Compliance Toolkits for Fund Managers, CMS Licensees

By Editors | 15/03/2022

The compliance toolkits will provide regulated entities with a simple reference on the common applications, forms and submission requirements.

Singapore to Introduce Points-based Visa System for Foreigners

By Sanday Chongo Kabange | 15/03/2022

Singapore is seeking to attract higher-calibre foreign workers with “super skill sets” under a new points-based visa system.

Fintech / Regtech

Paxos, Sygnum to Offer Digital Asset Services in Singapore

By Editors | 11/03/2022

Paxos will gain a DPT licence under the Payment Services Act. Sygnum will provide fund unit tokenisation and securitise NFTs and metaverse assets.

AML / KYC

Singapore Court Imposes 9 Year Jail Sentence for IRAS Fraud

By Editors | 10/03/2022

230 companies, mostly dormant and shell companies, were used to submit 400 fraudulent applications claiming tax breaks.

Market Infrastructure

CSA Singapore to Update Cybersecurity Act, Code of Practice

By Sanday Chongo Kabange | 09/03/2022

The updates will seek to address ransomware, cloud and 5G technology risks faced by critical information infrastructure sectors including banking & finance.

Securities / Derivatives

Best Execution Requirements Come into Force in Singapore

By Manesh Samtani | 08/03/2022

MAS finalised the best execution requirements in September 2020, giving firms an 18-month transitional period for compliance.

AML / KYC

IMDA Starts Onboarding Banks to New SMS SenderID Registry

By Editors | 08/03/2022

IMDA has begun onboarding banks and other organisations on the new system, which will prevent spoofed SMS text messages from being sent upfront.

AML / KYC

SGX Issues Directions to Listed Issuers on Sanctions Compliance

By Manesh Samtani | 08/03/2022

Gazprom’s GDR listing on SGX has been suspended. Issuers are directed to suspend trading if they are subject to sanctions or engaging in sanctioned business dealings with Russia.