MAS taps unconventional data to monitor crypto market

Singapore

CRYPTOCURRENCIES do not currently pose a material risk to financial stability in Singapore but bear close monitoring, said the Monetary Authority of Singapore (MAS), which has been using non-traditional data sources such as blockchain ledgers in its surveillance of crypto markets.

Monitoring developments in digital token markets is hard as data is not readily available via conventional channels, noted MAS in its Financial Stability Report on Friday. To strengthen its surveillance, the central bank has turned to data sources such as digital token trading platform Application Programming Interfaces (APIs), which allow monitoring of global shifts in trading activity.