Singapore brings new payments legislation to help crypto firms

Singapore — already one of the crypto friendliest regions around the world — has recently introduced new payment legislation to help crypto businesses. Thanks to the legislation, digital currency companies will be able to expand their businesses in the country, and easily apply for, and receive an operating license for the first time.

The legislation is known as the Payment Services Act, and it will come into force today. It represents the first comprehensive regulation for crypto-based companies, whose activities can range from crypto trading to performing digital payments.

The new law will serve more than a single
purpose, as well. It will start by ensuring that crypto firms are regulatory
compliant, and it will allow Singapore’s Monetary Authority to gain formal
supervisory powers for the crypto sector. That includes watching over
cybersecurity risks, but also control over criminal activities, such as money
laundering or terrorism financing.

Investors’ interest…