- Singapore parliament passes new law to regulate bitcoin and crypto.
- This law will be applicable for crypto business firms working overseas.
- Singapore has been creating doubts regarding crypto legalization.
The Singapore parliament has set forth a new law to regulate crypto and specifically bitcoin providers that are conducting crypto services overseas. The law was introduced after a bill was voted by the parliament confirming licenses for foreign crypto companies working in the region.
Those companies who do not act in accordance will be exempted from anti-money laundering and counter-terrorist financing regulations.
JUST IN: Singapore’s parliament has passed a law to regulate #Bitcoin & #crypto providers that are doing business overseas.— Watcher.Guru (@WatcherGuru) April 5, 2022
However, the parliamentary decision is somehow baffling, as there were dubious actions from the government in supporting crypto, meanwhile forbidding businesses from advertising crypto. Furthermore, as a huge number of people in the region have started using crypto, the government has begun to scrutinize it as well.
To note, Binance crypto exchange has even shut its office in several regions including the one in Singapore.
To add to the situation, DBS Bank, Singapore’s leading financial institute has also taken contradicting decisions. In February, the bank informed that it would provide its retail clients crypto trading services by the end of 2022. But, the bank moved in contrary to its decision, where the retail clients will be held back from working in crypto trading service.
Earlier, Singapore had been developing regulations for digital assets, fintech, and cryptocurrencies. The Monetary Authority of Singapore (MAS) was an early adopter of the Payment Service Act, 2019, which provides licenses and regulations for payment service providers.
Unsurprisingly, the MAS published new guidelines to prevent crypto trading by the general public. However, finally, the authority is seeking to support the global crypto industry and is closely monitoring the Singaporean crypto space.
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