RATE Group | Singapore helps global cryptocurrency firms to expand their local operations, Banking Ne…
77305
post-template-default,single,single-post,postid-77305,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Singapore helps global cryptocurrency firms to expand their local operations, Banking Ne…

28 Jan Singapore helps global cryptocurrency firms to expand their local operations, Banking Ne…

Posted at 02:17h in Cryptocurrency News by

[ad_1]

SINGAPORE (BLOOMBERG) – Singapore is introducing new payments legislation that offers global cryptocurrency firms a chance to expand their operations in the country by applying for operating licences for the first time.

The Payment Services Act, which comes into force on Tuesday (Jan 28), is the first comprehensive regulation for companies handling activities ranging from digital payments to trading of tokens such as Bitcoin and Ether. As well bringing crypto firms into the regulatory fold, the law will hand the Monetary Authority of Singapore formal supervisory powers for cybersecurity risks and controls on money laundering and terrorism financing.

The measure narrows the gap with Japan, currently a major Asian centre for cryptocurrency trading after 22 exchanges received licences there since 2017. Increased investor interest in digital tokens has encouraged several regulators around the world to bring the venues under their scrutiny, especially for money laundering and other…

[ad_2]

Source link

Tags:
, , , , , , , , ,