A new law has passed the parliament in Singapore, where crypto currency regulations are the most stringent.
According to the news of BNN Bloomberg, the Singapore Parliament has decided that only virtual asset service providers operating overseas a law that requires licensing took it out. With this law, crypto money exchanges are required to give their investors against incoming cyber attacks. $1 million to allocate reported.
Binance to operate an exchange in Singapore withdrawing his license application, that it has ended the project that it had planned to put into effect since last year. had announced. One of the world’s largest stock exchanges Huobi, on the other hand, announced that it was withdrawing completely from Singapore.
Singapore’s earlier “money laundering” and “terrorist financing” against cryptocurrency exchanges not regulated against and with this law To the Monetary Authority of Singapore by providing more power Expanded rules against cryptocurrencies is stated.
Singaporean banking and financial services company with the law DBS Bank will not be able to expand its crypto trading services announced.
On NFTs, Singapore has yet to has not made a clear decision is stated. A few weeks ago, Finance Minister Lawrence Wong said in a statement that NFT tax will be levied on income from its transactions and trade. had explained.