- Singapore’s Payment Services Act openly welcomes global crypto firms to operate in the country after obtaining a license.
- The Act gives official mandate to the Monetary Authority of Singapore to regulate cybersecurity and money laundering.
Singapore has finally releases a new legislation geared towards achieving regulatory clarity within the “emerging and innovative” sector. The highlight of the Payment Services Act is the freedom for global crypto firms to operate in the country after applying for an operating license.
The Act is coming into effect on Tuesday provides a comprehensive regulatory framework for firms engaging in activities that range from enabling digital payments to offering buying and selling services for digital assets such as Bitcoin and Ethereum. The Act also gives the Monetary Authority of Singapore official mandate to oversee all cyber security risks as well as exercise control on money laundering and terrorism support.
Various firms including Tokyo-based Liquid Group Inc. and Luno a London-based exchange have already expressed interest in applying for the license. The CEO of Liquid Mike Kayamori said the firm welcomes the Act with open arms. Luno’s General Manager Sherry Goh added that the legislation:
Provides regulatory certainty to industry players but, more importantly, it provides consumers with a clear sense of the players they can trust.
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