Monetary Authority of Singapore (MAS)

Monetary authority of Singapore in short form called MAS regulates and issue licenses for financial activities business in Singapore. Various forms of licenses are issued for companies engaged in fund management, investment, securities, debts, research and development of financial products, and raising capital as venture capital companies.

 

Crypto currencies are not regulated by the Monetary authority of Singapore (MAS) as they are not legal tender. Crypto exchange, crypto custodian services are seeing growth. Beijing’s support for block chain technology and Facebook’s upcoming move into financial services with its proposed Libra currency have shown interest in the token economy. Bitcoin is the world’s most valuable crypto currency are there are more than 3000 types of cryptocurrencies in the market.

 

There are digital tokens and utility tokens in circulation. Utility tokens can be used to purchase products or services offered by the companies that issued them. Parliament in Singapore has passed a new law during Jan 19 that will put more payment services, such as digital payment tokens and merchant acquisition under the ambit of the MAS and comes under the payment services Act, which will come into force early 2020.

 

FININANCIAL INSTITUTION DIRECTORY: BANKING ACT, INSURANCE ACT, SECURITIES AND FUTURE ACT, FINANCIAL ADVISERS ACT, PAYMENT SYSTEM (OVERSIGHT) ACT and PAYMENT AND SETTLEMENT SYSTEMS (FINALITY AND NETTING) ACT are the main acts to regulate all the financial services industry in Singapore. Before you set up a co., to carry out any financial services you are going to engage make the appropriate application to seek the approval and to obtain license from MAS. The license issued by MAS will carry all the required conditions to carry out your business in Singapore.

 

Financial Institutions Directory- a list of financial institutions regulated by the Monetary Authority of Singapore (MAS) and the activities they are authorized to provide- are listed in the directory. You can visit the website. https://eservices.mas.gov.sg/fid

 

REGISTER OF REPRESENTATIVES: a list of individuals who conduct activities regulated by MAS. The list is available on the MAS website – https://www.mas.gov.sg

 

INVESTORS ALERT LIST: MAS started the alert list during the year 2004 to help consumers assess investment opportunities, so that they could make more informed decisions. Consumers perceive wrongly that these entities or people are licensed or regulated by MAS and there are safeguards in place. MAS will also de list after an unregulated person or entity has obtained the requisite license. MAS receives information about unregulated people or entities based here or overseas that offer investment opportunities targeting local customers.

 

A list of persons and entities that are unregulated and may have been wrongly perceived as licensed authority by MAS- The list is available on the MAS website https://www.mas.gov.sg/ial