Media OutReach – 3 March 2023 – In partnership with the Asian Business Law Institute (ABLI), Integrity Consulting’s founder, Sinyee Koh, authored a guide to share her insights and expertise on the regulatory treatment of cryptoassets in Singapore.
In financial hubs like Singapore and Switzerland, the call to regulate issues concerning cryptoassets is increasing as legislators, regulators, investors and entrepreneurs around the world begin to pay attention to activities surrounding it. This has led to several of them issuing statements and instruments to curb unregulated crypto activities.
Currently, it has reached a turning point in the lifespan of cryptoassets – informed dialogues aimed at bringing clarity and convergence in policy approaches in the crypto field are urgently needed.
The cryptoassets in Asia project represents the maiden efforts of ABLI and its parent, the Singapore Academy of Law, to contribute to this regional and global discourse on the regulation of cryptoassets.
This is an ongoing project of ABLI which aims to develop cryptoassets-related regulatory and practical legal frameworks in Asia. This project involves industry experts, such as Integrity Consulting, as well as legal academics and experts in the surrounding regions. The project aims to cater to all players in the ecosystem, including legal professionals, investors, and intermediaries, such as banks and non-banking institutions, connecting all stakeholders so their voices and perspectives can be considered.
As part of ABLI’s project, Sinyee contributed a chapter on Singapore’s regulatory treatment of cryptoassets. Some of the points covered in the guide are “Are cryptoassets-related activities regulated as financial services?”, “How may cryptoassets be regulated under the Payment Services Act?”, and “How are stablecoins regulated?” The chapter aims to share with the public how cryptoassets fit into existing financial services rules and regulations. The third report published under the project also summarises and collates the various regulations in Singapore as a starting point for readers interested in the regulatory treatment of cryptoassets in Singapore.
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