Most of the governments around the globe are holding back whenever its gets to the point of embracing excessive decentralization. They reserve fears that the step could end up making them lose control over specific sections of their local economies.
The current stand of Singapore
Whether they are justified or not Singapore remains unmoved by the various intricacies. It has released a statement outlining that it was going to allow the huge diversity of decentralized exchanges to exist in harmony within its ecosystem.
The Monetary Authority of Singapore (MAS), which happens to be India’s central bank, is pushing for new changes. It proposes that the current “recognized market operators” model be transformed into a three-tier system and these changes are happening during a time when business dynamics tend to be shifting pretty fast.
Maintaining foothold in the market
Singaporean financial law has been in operation for over quite a long period of time. It is not easy for any given company to maintain a foothold in the market. To become a recognized market operator, it is essential that the company in question grows to particular size. It is a directive that locks put quite a significant number of the smaller blockchain startups which since their time of inception haven’t yet witnessed much activity.
The best part about the new Tier 3-level requirements lies in the fact that they cater for wide range of companies regardless of their respective sizes. It is about empowering them to gain a foothold in the market.
As we progress, quite a significant number of market operators continue expanding in terms of size. They are being called upon to step up in line with the supervisory intensity and regulatory requirements.
Singapore has expressed its commitment to doing all that it takes to ensure that patent approval is undertaken in the shortest time possible. The reduction in the wait time is a commendable move according to a number of market observers.
The current RMO regime was established way back in 2002 and proposals are coming up pushing for a review to be conducted on the regulatory framework for market operators. And it is all about ensuring that the needs of the ever changing landscape are met in good time.