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Cryptocurrencies

Singapore set to get tougher on crypto companies

Monetary Authority puts industry on notice about tightening rules

Singapore's central bank on July 19 reported a loss of 4.7 billion Singapore dollars ($3.37 billion) as the strong dollar undermined the value of other currencies in its portfolio.   © Reuters

SINGAPORE -- 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 signaled 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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