Singapore and Dubai are the financial markets of the world. And with the crypto market and the blockchain based fintech market, they are now even more popular among the international investors. However Singapore and Dubai are not leaving the regulation in the air, they are being strict and compliant with the FATF.
Singapore has formed the regulatory authority for their financial services, products and the business and they have named it as a Monetary Authority of Singapore. They started giving the licenses related to the crypto market and the fintech products. And they soon wish to extend this to other financial assets and firms.
Let's take a look at the current progress of the Monetary Authority of Singapore in this context.
Expansion of Regulation over Financial Products
Singapore has the crypto financial firms getting the licenses on regular basis. They seem to be getting pretty good amount of the coverage. And there is also monitoring and the control of the rules that is being forced of the crypto exchanges too. And new exchanges and the existing would be complying to the same. However many exchanges are extending to the other prodcuts.
Like say Binance is into the option trading etc and they would be needing different license and the regulation rules to be followed for that. Singapore authority wants to address that and they would want to expand the regulation and the policies over those financial products.
You can check out the reference here.
World ID verifications in Singapore
Worldcoin has also made new expansion of services in the singapore and they have offered the ID verification services in the singapore. This verification service makes use of the IRIS recognition and they are allowing such type of the service and the code in the open source system. Many new startups in the fintech space are making use of the ID verification like this.
Singapore's authority has given the approval to the world ID verifications. And the worldcoin has got the license for working through the services in the singapore. Which means such type of the process and the services are now compliant in the company. You can see that such type of the services is the reason how the binance like exchanges and the wallets offer when it comes to the KYC and the KRA systems for the compliance.
You can check out the reference here.
FinTech Regulatory Sandbox Framework
Singapore's Monetary Authority is allowing variety of the fintech sandbox that makes it easy for them to run the policies and the regulations. And this framework also gets updated and ammended from time to time. Like recently the extended approach of the bill they want to do is what they recently extended recently. I have realized that such bills can be really good for the country to enforce regulations.
They have made this because the new ammendments happen all the time so checking the performane of such changes requires the sandbox and also they get you some level of data and that is what the framework is intended to record over the period of the time. So here they wish to work towards the sandbox like this in upcoming future.
You can check out the reference here
Singapore's Monetary Autgority is going to extend it's regulation over a specific set of the financial products as of now but they are working on a bill to extend the framework even further. Let's see where fintech firms and the assets gets regulated with upcoming changes in the ammendment of the regulation.