Latest news with #AdrianAng
CNA
11 hours ago
- Business
- CNA
CNA Explains: Singapore's tightened crypto licensing rules – 'closing the door' or 'raising the bar'?
SINGAPORE: The Monetary Authority of Singapore (MAS) has moved to tighten its regulation of unlicensed cryptocurrency firms operating in the country. Digital token service providers based in Singapore that only serve overseas markets will need to be licensed by Jun 30 – or they'll have to suspend or cease their unregulated activities here. Why is MAS doing this? Experts told CNA the authority was closing a loophole in the industry. 'It's a step towards consistency,' said intergovernmental blockchain advisor Anndy Lian, adding that ensuring digital token service providers meet the same standards could bolster trust. Prior to the regulation, providers targeting overseas markets could sidestep licensing requirements and exploit 'lighter oversight' while operating from Singapore, he noted. 'This move levels the playing field and likely reflects pressure to align with global anti-money laundering efforts,' said Mr Lian. Mr Adrian Ang, a partner at Allen & Gledhill's financial services department, added that it was necessary to support standards set by the global money laundering and terrorist financing watchdog, the Financial Action Task Force. 'Without regulation, the anonymity, speed and cross-border nature of their activities make this sector highly vulnerable to criminal abuse,' he said. How will firms be affected? As of Jun 19, MAS has granted digital payment token licences to 33 institutions, including major players like Coinbase and OKX. While unlicensed digital payment token services can still apply for a local license, MAS has said that it has 'set the bar high' and will 'generally not issue" one. Bitget and Bybit are among the top ten exchange operators by volume that do not have a Singapore licence. A Bloomberg report said Bitget will relocate staff to jurisdictions such as Dubai and Hong Kong, and that Bybit has plans to follow suit. But experts pointed out that it is the smaller firms that will feel the heat. While larger firms have in-house legal and compliance departments and experience in dealing with licensing frameworks, smaller and mid-sized players face an 'uphill task,' said Mr Mike Chiam, a fintech lawyer at Foxtail LLC. 'Many of them relied on operating from Singapore under a 'non-retail, overseas-only' assumption. That assumption no longer holds,' he said. For these firms – which include unlicensed crypto exchanges, over-the-counter brokers and decentralised finance projects targeting overseas markets – compliance costs, legal restructuring or a complete shutdown are on the table, he added. Mr Lian, who knows of many small firms trying to shift out of Singapore since early June, agreed that added compliance costs and processes weigh heavily on these. 'I've seen startups struggle with similar red tape elsewhere, and it risks pushing innovation to less regulated regions if not handled carefully,' he said. What about employees? Mr Chiam said a common question he's had to deal with relates to whether employees whose job scope involves dealing with digital tokens must relocate. Based on his law firm's understanding from employees' enquiries, it has found that such workers are generally not affected by MAS' stricter rules, he said. Practically speaking, employees working for digital token firms do not have to relocate - or at least, that is not the legislative intention, Mr Chiam added. 'On a positive note, employees appear to be interested in knowing how to better comply with regulations and keep abreast of such updates – overall a heightened awareness of the regulatory stance,' he said. An employee from MEXC, who requested anonymity, observed that other centralised exchanges have introduced additional know your customer (KYC) checks and anti-money laundering (AML) frameworks. These policies verify customers' identities, to prevent illicit activity and to comply with global regulations. Although MEXC does not have a local licence, the employee said his colleagues in Singapore have not been significantly affected. 'There are some observed changes within the compliance and legal teams, but for the most part, it is still business as usual,' he said. An employee from Bitget, who also requested anonymity, claimed that about ten members of the customer service team were laid off earlier in June. What does it mean for the industry here? Ms Angela Ang, who heads Asia Pacific's policy and strategic partnerships at blockchain intelligence company TRM Labs, said that while Singapore's approach to crypto may not resonate with everyone, it has been 'very consistent'. 'Firms that are not operating this specific kind of business model should not be unduly alarmed. Crypto businesses can still obtain licences here if they are prepared to have a substantive presence, including servicing Singapore customers,' said Ms Ang. She added that the industry has had 'significant runway' to make preparations since the Financial Services and Markets Act was passed in April 2022. In a media release on Jun 6, MAS also said its position has been 'consistently communicated' for a few years since its first response to public consultation issued in February 2022. It added that based on available information, it was aware of a 'very small number' of providers affected. Allen & Gledhill's Mr Ang agreed that most crypto firms here should have already undertaken licensing considerations prior to commencing their business, as licensing requirements have been 'in force for many years.' Ultimately, the move should not be misread as Singapore turning hostile to digital assets, Mr Chiam said. 'Instead, the law is making it clear: If your fintech wants to use Singapore's framework and reputation, you must meet Singapore's standards,' he said. 'In that sense, Singapore isn't closing the door – it's raising the bar."
AsiaOne
23-04-2025
- Politics
- AsiaOne
GE2025 Nomination Day: All the successfully nominated candidates for all 33 constituencies, Singapore News
PUBLISHED ON April 23, 2025 8:00 AM By Lim Kewei Nomination Day has wrapped up, with 211 parliamentary hopefuls putting up their candidacy for the General Election. We've compiled the 33 electoral divisions (in alphabetical order) and the full list of candidates contesting them. 5-MP GRCs Aljunied People's Action Party Workers' Party Adrian Ang, Chan Hui Yuh, Daniel Liu, Dr Faisal Abdul Aziz, Jagathishwaran Rajo Sylvia Lim, Fadli Fawzi, Gerald Giam, Kenneth Tiong, Pritam Singh Ang Mo Kio People's Action Party People's Power Party Singapore United Party Lee Hsien Loong, Darryl David, Jasmin Lau, Nadia Samdin, Victor Lye Heng Zheng Dao, Martinn Ho, Samuel Lee, Thaddeus Thomas, William Lim Andy Zhu, Nigel Ng, Noraini Yunus, Ridhuan Chandran, Vincent Ng East Coast People's Action Party Workers' Party Edwin Tong, Tan Kiat How, Jessica Tan, Hazlina Abdul Halim, Dinesh Vasu Dash Yee Jenn Jong, Nathaniel Koh, Paris V Parameswari, Sufyan Mikhail Putra, Jasper Kuan Jurong East-Bukit Batok People's Action Party Red Dot United Grace Fu, David Hoe, Lee Hong Chuang, Murali Pillai, Rahayu Mahzam Ben Puah, Harish Mohanadas, Liyana Dhamirah, Marcus Neo, Osman Sulaiman Marine Parade-Braddell Heights People's Action Party Diana Pang, Assoc Prof Muhammad Faishal Ibrahim, Seah Kian Peng, Tin Pei Ling, Goh Pei Ming - Elected Nee Soon People's Action Party Red Dot United K Shanmugam, Goh Hanyan, Lee Hui Ying, Jackson Lam, Dr Syed Harun Alhabsyi Ravi Philemon, David Foo, Dr Syed Alwi Ahmad, Pang Heng Chuan, Sharon Lin Sembawang People's Action Party National Solidarity Party Singapore Democratic Party Ong Ye Kung, Gabriel Lam, Mariam Jaafar, Ng Shi Xuan, Vikram Nair Spencer Ng, Raiyian Chia, Verina Ong, Lee Wei, Yadzeth Hairis Bryan Lim, Alfred Tan, Damanhuri Abas, James Gomez, Surayah Akbar Tanjong Pagar People's Action Party People's Alliance for Reform Chan Chun Sing, Alvin Tan, Joan Pereira, Foo Cexiang, Rachel Ong Han Hui Hui, Nadarajan Selvamani, Prabu Ramachandran, Rickson Giauw, Soh Lian Chye Tampines People's Action Party Workers' Party National Solidarity Party People's Power Party Masagos Zulkifli, Baey Yam Keng, Asst Prof Charlene Chen, David Neo, Dr Koh Poh Koon Jimmy Tan, Faisal Manap, Michael Thng, Dr Ong Lue Ping, Eileen Chong Eugene Yeo, Mohamad Ridzwan, Phay Wei Jie, Reno Fong, Thamilselvan Karuppaya Goh Meng Seng, Derrick Sim, Arbaah Haroun, Peter Soh, Vere Nathan West Coast-Jurong West People's Action Party Progress Singapore Party Desmond Lee, Ang Wei Neng, Cassandra Lee, Dr Hamid Razak, Shawn Huang Dr Tan Cheng Bock, Leong Mun Wai, Hazel Poa, Sani Ismail, Sumarleki Amjah 4-MP GRCs Bishan-Toa Payoh People's Action Party: Chee Hong Tat, Cai Yinzhou, Elysa Chen, Saktiandi Supaat Singapore People's Party: Steve Chia, Lim Rui Xian, Melvyn Chiu, Muhammad Norhakim Chua Chu Kang People's Action Party: Jeffrey Siow, Tan See Leng, Asst Prof Choo Pei Ling, Zhulkharnain Abdul Rahim Progress Singapore Party: A'bas Kasmani, Lawrence Pek, S. Nallakaruppan, Wendy Low Holland-Bukit Timah People's Action Party: Dr Vivian Balakrishnan, Christopher de Souza, Edward Chia, Sim Ann Red Dot United: Fazli Talip, Nizar Subair, Chia Ying, Kumar Thirupathi Jalan Besar People's Action Party: Josephine Teo, Denise Phua, Shawn Loh, Dr Wan Rizal People's Alliance for Reform: SK Chiu, Mohamad Hamim bin Aliyas, Sarina Abu Hassan, Vigneswari V Ramachandran Marsiling-Yew Tee People's Action Party: Lawrence Wong, Alex Yam, Hany Soh, Zaqy Mohamad Singapore Democratic Party: Jufri Salim, Alec Tok, Ariffin Sha, Dr Gigene Wong Pasir Ris-Changi People's Action Party: Indranee Rajah, Desmond Tan, Sharael Taha, Valerie Lee Singapore Democratic Alliance: Desmond Lim, Abu Mohamed, Harminder Pal Singh and Chia Jun Kai Punggol People's Action Party: Gan Kim Yong, Janil Puthucheary, Sun Xueling, Yeo Wan Ling Workers' Party: Harpreet Singh, Jackson Au, Siti Alia Mattar, Alexis Dang Sengkang Workers' Party: Abdul Muhaimin, Louis Chua, He Ting Ru, Jamus Lim People's Action Party: Dr Lam Pin Min, Bernadette Giam, Elmie Nekmat, Theodora Lai SMCs Bukit Gombak People's Action Party: Low Yen Ling Progress Singapore Party: Harish Pillay Bukit Panjang People's Action Party: Liang Eng Hwa Singapore Democratic Party: Paul Tambyah Hougang Workers' Party: Dennis Tan People's Action Party: Marshall Lim Jalan Kayu People's Action Party: Ng Chee Meng Workers' Party: Andre Low Jurong Central People's Action Party: Xie Yao Quan Red Dot United: Emily Woo Kebun Baru People's Action Party: Henry Kwek Progress Singapore Party: Tony Tan Marymount People's Action Party: Gan Siow Huang Progress Singapore Party: Jeffrey Khoo Mountbatten People's Action Party: Gho Sze Kee Independent: Jeremy Tan (Encik Bitcoin) Pioneer People's Action Party: Patrick Tay Progress Singapore Party: Stephanie Tan Potong Pasir People's Action Party: Alex Yeo Singapore People's Party: Williiamson Lee People's Alliance for Reform: Lim Tean Queenstown People's Action Party: People's Alliance for Reform: Mahaboob Baatsha Radin Mas People's Action Party: Melvin Yong People's Alliance for Reform: Kumar Appavoo Independent: Darryl Lo Sembawang West People's Action Party: Poh Li San Singapore Democratic Party: Chee Soon Juan Tampines Changkat People's Action Party: Desmond Choo Worker's Party: Kenneth Foo Yio Chu Kang People's Action Party People's Alliance for Reform Yip Hon Weng Michael Fang Hustings for the election begin immediately, concluding with Polling Day on May 3, when 2,758,846 Singaporeans will go to the ballot box. For our GE2025 microsite, visit here. General Election 2025Singapore General Electionnomination day This website is best viewed using the latest versions of web browsers.
