Singapore central bank set to formulate tighter rules for crypto companies

Singapore central bank set to formulate tighter rules for crypto companies

A view of the Monetary Authority of Singapore building in Singapore April 18, 2016. REUTERS/Edgar Su/Files

Singapore is set to get tougher on cryptocurrency companies in the coming months, as the central bank plans to start talking with industry players by September or October with a view to drawing up tighter regulations for the emerging sector.

The Monetary Authority of Singapore’s Managing Director Ravi Menon signalled this on Tuesday with the release of the financial regulator’s annual report, saying the process of consultation in the coming months will touch on broadening the scope of its rules to cover more activities in the industry.

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