The government plans to speak with digital asset service providers, institutional and retail investors, and other government agencies to chart the best course for regulating the industry.
Ravi Menon says Singapore is not entirely closing its doors to adopting virtual assets so long as they are used for use cases such as reducing financial transaction risks.
Other information sought by the CBIC includes the transaction fees charged by exchanges and details of other services rendered, like NFTs and lending services.
Dubbed Project Guardian, MAS is hoping to leverage DeFi to improve the securities sector as it increasingly leans towards distributed ledger technology (DLT).