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Singapore to Regulate Crypto Space with New Legislation

Singapore to Regulate Crypto Space with New Legislation

Singapore to Regulate Crypto Space with New Legislation-Techcryption-01

Good news for the crypto community in Singapore, as the Monetary Authority of Singapore (MAS) is updating its regulatory framework for digital assets and digital payments.

It was announced on Tuesday that the nation’s Payment Services Act 2019 (PSA) will bring Digital Payment Token (DPT) services that will include all crypto businesses and exchanges based in Singapore under current anti-money laundering (AML) and counter-terrorist-financing (CTF) laws.

In addition to that, with Singapore’s PSA coming into effect, cryptocurrency exchange platforms can now apply for operating licenses in the country. The license application is required to go through MAS, as the regulatory agency will have the authority to monitor and supervise crypto-related businesses in the country.

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This positive move from the authorities in Singapore is believed to reduce the gap between Singapore and Japan that has issued more than 20 licenses for crypto exchanges in the last 3 years, as well as Malaysia that has recently come up with a new regulation related to digital assets and payments.

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