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Singapore Proposes Law to Regulate Crypto Tradings Overseas -Breaking

by Mike Robinson

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Singapore Proposes Law to Regulate Crypto Tradings overseas

    • Singapore Parliament passes new legislation to regulate crypto-currencies and Bitcoin.
    • For crypto-business firms that operate overseas, this law will apply.
    • There have been doubts in Singapore about crypto legalization.

Singapore’s parliament adopted a new law that regulates crypto, and in particular bitcoin services providers overseas. This law was created after the Parliament approved a bill to confirm licenses for cryptocurrency companies operating within the region.

Anti-money laundering regulations and anti-terrorist financing regulations are exempted for companies that don’t comply.

But the parliament’s decision is still baffling. There were dubious government actions in supporting cryptocurrency, while forbidding companies from advertising it. The government is also beginning to examine crypto because a large number of people have begun using it.

Not to be missed, Binance cryptocurrency exchange even closed its offices in many regions, including Singapore.

To add to the situation, DBS Bank, Singapore’s leading financial institute has also taken contradicting decisions. It informed its clients in February it was going to offer crypto trading services for their retail clients by the end 2022. However, the bank changed its mind and now the retail clients won’t be able to access the cryptocurrency trading service.

Singapore was developing regulations earlier for fintech and digital assets. Monetary Authority of Singapore, (MAS), was one of the first to adopt 2019’s Payment Service Act. This law provides licensing and regulations for providers of payment services.

The MAS issued new guidelines in order to stop the general public from engaging in cryptocurrency trading. The authority, however, is determined to promote the global crypto sector and monitors closely the Singaporean crypto scene.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora advises its users to research cryptocurrency before making any investment.

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