Singapore: Crypto Derivatives Set to Come Under Regulatory Oversight
Marie Huillet's original article for cointelegraph.com reduced by 80%
Singapore's central bank and financial regulator, the Monetary Authority of Singapore, has proposed bringing crypto derivatives trading under its purview. According to a BNN Bloomberg report on Nov. 20, the MAS' proposal would make the trading of derivatives based on underlying assets like Bitcoin and Ether subject to the city-state's Securities and Futures Act.Institutional investor interest sparked proposal.
According to the MAS, plans to extend its remit to crypto derivatives have been spurred by interest from hedge funds and asset managers engaged in the sector. Bitcoin derivatives trading globally currently sees $5-10 billion in daily traded volume, exceeding spot volume by 10 to 18 times, the report notes, citing data from Skew and BitcoinTradeVolume. MAS has said its proposal will "Allow approved exchanges in Singapore to meet the need of investors to manage their exposure to payment tokens while bringing the activity under regulatory oversight." Sources have claimed the new contract will be offered via ICE's Singapore-based clearinghouse, ICE Clear Singapore, and traded on the ICE Futures Singapore exchange.
Earlier this month, financial technology firm Tassat received the green light from United States regulators to secure the transfer of existing registration rights from an affiliated financial services firm, paving the way toward launching a compliant crypto derivatives exchange.
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Summarised crypto news.