Singapore’s central bank will require crypto firms to comply with AML rules
Cryptocurrency activity due to the new amendments was included in the sphere of payment services, which are subject to similar requirements
02.04.2024 - 12:15
249
3 min
0
What’s new? The Monetary Authority of Singapore (MAS) has expanded the scope of regulated payment services to include activities related to digital payment tokens (DPT). Thus, the regulator has amended the Payment Services Act to include requirements for DPT service providers to protect users and maintain financial stability. They will start to come into effect in a phased manner over six months starting April 4.
What else is known? Under the amendments, the law will regulate activities such as the provision of cryptocurrency storage services and facilitating cryptocurrency transfer and exchange.
The amendments will allow MAS to impose anti-money laundering and countering the financing of terrorism (AML/CFT), as well as user protection and financial stability requirements on crypto service providers. They envisage mandatory licensing of crypto companies.
Industry firms will be offered transitional arrangements: they must notify MAS within 30 days and apply for a license within six months from April 4 this year. This will allow them to continue to operate on an interim basis while waiting for the application to be processed. The application must include a report on business operations and AML/CFT compliance from an independent auditor.
Non-compliant companies will have to cease operations in Singapore once the amendments come into force.
The rules for providing cryptocurrency payment services will include separate custody of own and client assets. The latter must be held in a trust account for the benefit of clients. Crypto firms will also be required to keep accounting records and maintain effective systems to protect client assets.
Argentina has introduced a requirement for cryptocurrency companies to register with the Securities Commission
The new rule has been introduced to improve compliance with FATF recommendations
MAS earlier refused to allow spot bitcoin exchange-traded funds (ETFs) into the local market, but retail investors can trade shares of foreign funds through licensed brokers.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 023
BTC
+3.84%
-
Ethereum
$3 366.9
ETH
+9.06%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.2
XRP
+7.79%
-
Dogecoin
$0.384706
DOGE
+1.15%
-
Cardano
$0.806627
ADA
-1.05%
-
Bitcoin Cash
$478.76
BCH
+7.61%
-
Polkadot
$5.89
DOT
+2.08%
-
Stellar XLM
$0.252637
XLM
-0.27%
-
Litecoin
$88.79
LTC
+4.96%