Singapore Passes Law to Tighten Rules for Crypto Providers

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On April 5th, Singapore Parliament passed the Financial Services and Markets Bill requiring virtual asset services providers, which do business overseas, to be licensed.

The Monetary Authority of Singapore (MAS) under the new law will regulate virtual asset services providers created in Singapore but do not provide their services in the country.

The law will ensure the prevention of anti-money laundering and terrorism financing by regulating virtual assets providers in Singapore that do business overseas.

Monetary Authority of Singapore (MAS) board member Alvin Tan said: “Virtual asset service providers created in Singapore that provide services only elsewhere are unregulated for anti-money laundering and countering the financing of terrorism (AML/CFT), which creates reputational risks for the Republic.