Singapore tightens regulations on crypto, again

Jean J. Sanders

Singapore on Tuesday passed a law necessitating digital asset provider companies to be certified if they do business enterprise overseas, in accordance to Bloomberg

See relevant write-up: How Singapore is reimagining its ‘Asian crypto hub’ picture

Fast info

  • The new legislation is an try by The Financial Authority of Singapore (MAS) to make certain that it has enough supervisory oversight about this kind of services providers. 
  • The regulation brings oversight to crypto companies when it comes to anti-dollars laundering and counter terrorism financing.
  • “[Digital token] services companies developed in Singapore with out offering any [digital token] solutions in Singapore are at the moment unregulated for AML/CFT,&#8221 MAS board member Alvin Tan said. &#8220More, these entities might declare to be headquartered here to just take gain of Singapore’s global standing,&#8221 he included. &#8220This results in reputational dangers for Singapore.&#8221
  • The MAS in January issued rules prohibiting the promotion of crypto providers to the general public, in an exertion to discourage retail traders from crypto investing. 

See relevant write-up: Is Singapore retreating from its world wide crypto hub ambitions?

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