Don Wee on Financial Services and Markets Bill

Considering the full potential of virtual assets to be used for money laundering or terrorism financing, the measures to strengthen this asset class are necessary, said MP Don Wee. Speaking in Parliament on Monday (Apr 4), he said the measures proposed in the Bill should be implemented quickly. He also said market investors and talent will be drawn to countries which are more accepting and supportive of this asset category. He proposed a risk-based approach for the regulatory framework to identify digital assets services that pose significant risks to warrant regulations and where such risks are crucial to address.