Singapore’s additional tightening comes on top of the financial regulator’s recent move to discourage companies in the cryptocurrency space from advertising their services to the public, underscoring the nation’s cautious approach.
Singapore has approved a law that will tighten rules for cryptocurrency providers in the latest sign of its tentative embrace of the industry.
The new legislation will require virtual asset service providers in the city-state, which only do business overseas to be licensed. Currently, such firms are not regulated for anti-money laundering and countering the financing of terrorism. The law was passed in parliament on Tuesday.
