Singapore wants to simplify the cryptocurrency exchange scheme

The Monetary Authority of Singapore (MAS) has proposed changes to existing regulations to simplify the cryptocurrency exchange procedure. According to a document published on the authority’s website, the current RMO regulatory framework is unable to meet the demand for new business models.

The Monetary Authority of Singapore (MAS) has proposed changes to existing regulations and simplify the cryptocurrency exchange procedure. According to a document published on the authority’s website, the current RMO regulatory framework is unable to meet the demand for new business models. As a solution to this problem, a three-tiered structure will be introduced to make it easier for smaller exchange platforms to access the market.

The “third tier” will address and regulate market operators that trade in small volumes or are involved in the implementation of blockchain solutions. The new rules are designed to make it easier for market participants who are developing solutions for large traders who have funds but do not fall into the “RMO” category.

The regulator currently classifies the FX market as follows: approved exchanges (AEs) and recognised market operators (RMOs). Financial institutions in Singapore have until 22 June to submit their regulatory proposals and amendments.