New Singapore Law Allows Global Crypto Firms to Expand Locally
- Law expands regulatory ambit to new types of services
- MAS aims to promote confidence in the use of digital payments
Photographer: Chritophe morin/Bloomberg
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Singapore introduced new payments legislation that offers global cryptocurrency firms a chance to expand their operations in the country by applying for operating licenses for the first time.
The Payment Services Act, which comes into force Tuesday, is the first comprehensive regulation for companies handling activities ranging from digital payments to trading of tokens such as Bitcoin and Ether. As well as bringing crypto firms into the regulatory fold, the law will hand the Monetary Authority of Singapore formal supervisory powers for cyber security risks and controls on money laundering and terrorism financing.