Singapore's New Act Allows Global Crypto Firms to Expand Business Locally in Singapore

Abstract : Singapore has introduced new payment legislation to offer global crypto firms a chance to expand their operations in Singapore by applying for operating licenses for the first time.

ChainDD
ChainDD

Jan 28

Singapore has introduced new payment legislation to offer global crypto firms a chance to expand their operations in Singapore by applying for operating licenses for the first time. The Payments Services Act is the first comprehensive regulation for companies handling activities ranging from digital payments to the trading of tokens such as Bitcoin and Ethereum.

In addition to including crypto firms under the supervision, the act will also give the Monetary Authority of Singapore formal supervisory powers to monitor cybersecurity risks, and control money laundering and terrorist financing. The Monetary Authority of Singapore said in an emailed released on Tuesday that the new law will strengthen consumer protection and boost confidence in the use of electronic payments.

Ms Loo Siew Yee, MAS assistant managing director of policy said that the new activity-based and risk-focused regulatory structure allows rules to be applied proportionately while also being robust to changing business models.

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