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Singapore Tightens Rules for Crypto Service Providers

Singapore Tightens Rules for Crypto Service Providers
  • Singapore imposes strict rule on crypto service providers
  • All crypto firms must now be licensed
  • New law will protect both service provider and consumers

Singapore grants its financial head the power to place strict rules on crypto service vendors. This rule works to root out false trades that occur with crypto tokens.

The Monetary Authority of Singapore (MAS) will also make updates to the Payment Services Act. Thereby, ensuring that the country keeps up with changes in global norms.

MAS will hound on crypto provides to catch unlicensed sellers. They aim to put a stop to money laundering and terrorism finance that came with crypto tokens.

Singapore has made it a law for any firm offering crypto services to have a license. Any services that include trade, storage, or exchange in crypto all fall into this section.

Minister for Transport Ong Ye Kung says the new rule will keep felons from abusing such services. It will help reduce existing issues such as hiding and laundering illicit funds.

The new law also allows MAS to enforce crypto services to offer better consumer protection. This will ultimately help secure the new policy and promote financial stability.

MAS is the country’s central bank and its financial head. It governs various laws around money, banking, and security in the finance sector.

Hence, MAS has taken this new role very seriously and is taking vital steps to face any sudden risks. It will combat new events in a timely manner.

In January 2020, the Payments Services Act came into play. It is a set of laws written to govern brands that hold and trade crypto coins. The new rule gives MAS formal power to further update and practice this Act.

Read Also: Singapore Government Launches $8.9M Blockchain Project

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