With Singapore’s Payment Services Act coming into effect, crypto exchange platforms can now apply for operating licenses in the country.
Crypto Exchange Platforms Now Legalized in Singapore
Back in September 2019, Singapore’s parliament passed the Payment Services, Bill, into law, creating the Payment Services Act with the new law coming into effect on Tuesday (January 28, 2019).
As part of the bill, crypto exchange platforms in Singapore can now apply for operating licenses from the MAS. The new laws also grant the regulatory agency, monitoring and supervisory powers over businesses in the country’s crypto space.
The new payment laws contain two regulatory frameworks — payment systems designation and licensing requirements. Together, both parallel aspects of the new laws should help the MAS in overseeing crypto and other…
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