The measure narrows the gap with Japan, currently a major Asian center for cryptocurrency trading after 22 exchanges received licenses there since 2017. Increased investor interest in digital tokens has encouraged several regulators around the world to bring the venues under their scrutiny, especially for money laundering and other illicit activities.
SINGAPORE (Jan 28): Singapore is introducing new payments legislation that offers global cryptocurrency firms a chance to expand their operations in the country by applying for operating licenses for the first time.
The Payment Services Act, which comes into force Tuesday, is the first comprehensive regulation for companies handling activities ranging from digital payments to trading of tokens such as Bitcoin and Ether. As well bringing crypto firms into the regulatory fold, the law will hand the Monetary Authority of Singapore formal supervisory powers for cyber security risks and controls on money laundering and terrorism financing.
