Singapore Tightens Crypto Oversight for Banks Ahead of Basel Rules
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Singapore's Monetary Authority (MAS) has ordered locally incorporated banks to disclose and inventory crypto holdings, improve reporting systems and engage with the regulator on risk treatment ahead of a Basel-aligned prudential framework postponed to January 1, 2027 or later. MAS also asked banks to prioritize migrating 'vulnerable' crypto assets to quantum-resistant solutions, a tightening of crypto regulation that raises compliance costs and could constrain institutional crypto adoption, custody and bank-linked DeFi/CEX activity.
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Singapore is increasing oversight of banks with cryptocurrency exposure as regulators prepare for stricter global banking standards. The Monetary Authority of Singapore (MAS) has instructed locally incorporated banks to disclose their crypto holdings and engage with the regulator on risk treatment before new prudential rules take effect.
Although MAS postponed the Basel-aligned framework until January 1, 2027, or later, the regulator wants institutions to strengthen reporting systems and improve risk management without waiting for the final rules.
BREAKING: SINGAPORE REGULATOR REQUESTS BANKS TO REPORT THEIR CRYPTOS.
— Bitcoin Archive (@BitcoinArchive) July…
Monetary Authority of Singapore (MAS) said banks must:Inventory all cryptos; deadline to be set later this year.
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