Singapore passed law tightening rules for crypto providers

The Parliament will strengthen oversight of crypto exchanges operating abroad

05.04.2022 - 14:45

219

1 min

What’s new? On April 5, the Singapore Parliament passed a law requiring cryptocurrency companies headquartered in the country that only do business overseas to be licensed. This move aims to tighten rules for cryptocurrency providers, as Singapore’s crypto companies are currently not regulated for anti-money laundering and counter-terrorist financing.

Bloomberg’s material

What is known about the law? The rule on licensing for crypto companies is part of the Financial Services and Markets Bill. The bill provides for a higher maximum fine of 1 million Singapore dollars ($736 830) to be imposed on financial institutions if they are subject to cyberattacks or their services are disrupted. The bill also gives the Monetary Authority of Singapore (MAS) the power to bar those deemed unfit to perform key roles, activities, and functions in the financial industry.

What preceded it? Earlier, the Central Bank of Singapore issued rules to restrict the advertising of cryptocurrencies in public places and in the media. Under the new requirements, crypto ATM operators ceased their operations in the country.

Author: