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
- 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,” MAS board member Alvin Tan said. “More, these entities might declare to be headquartered here to just take gain of Singapore’s global standing,” he included. “This results in reputational dangers for Singapore.”
- 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?