RATE Group | Singapore Act to License Cryptocurrency Firms Comes Into Effect
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Singapore Act to License Cryptocurrency Firms Comes Into Effect

28 Jan Singapore Act to License Cryptocurrency Firms Comes Into Effect

Posted at 10:25h in Cryptocurrency News by

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Legislation regulating the operations of cryptocurrency firms in Singapore comes into effect today, Jan. 28.

The new Payment Services Act will regulate cryptocurrency payments and trading enterprises under some aspects of the regulatory regime that currently governs traditional payment services and require them to hold a license.

Crypto payment services must also comply with the Financial Advisers Act, Insurance Act, Securities and Futures Act and the Trust Companies Act.

The new rules place crypto services under the oversight of the Monetary Authority of Singapore. The regulator announced in a press release published earlier today that the new framework is expected to “enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments.” The regulator’s Assistant Managing Director Loo Siew Yee said:

“The Payment Services Act provides a forward-looking and flexible regulatory framework for the…

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