Parliament passes Bill that consolidates and expands MAS' financial regulatory powers

Singapore

AN OMNIBUS Bill that consolidates and expands on the Monetary Authority of Singapore's (MAS) regulatory powers was passed on Tuesday (Apr 5), with parliamentarians largely supporting it amid the digitalisation of financial services - in particular, the growing prevalence of digital token services such as cryptocurrencies.

Still, Members of Parliament raised concerns, such as the need for more consumer protection and education over the risks of digital assets and "double regulation" of service providers, among other things. Some also cautioned against stifling the industry from over-regulation.