Surveys have shown that around 40% of Singaporean residents have already purchased cryptocurrencies such as Bitcoin.
In response to this, the Monetary Authority of Singapore (MAS) has decided to increase scrutiny of bank accounts that are used to access cryptocurrency exchanges.
The MAS will be working with the banking sector to devise a mechanism to monitor the activities of Singaporeans buying and selling digital assets.
They will also be releasing a study that will provide a list of companies offering services for converting cryptocurrencies into fiat money. Special attention will be paid to the monitoring of bank accounts used to fund wallets representing the NFT and GameFi industry.
The MAS has emphasized that banks are required to monitor customer behavior in order to understand and manage risk, but also have the discretion to decide whether to serve the client or not, balancing between commercial interests and business risks.
