After the Monetary Authority of Singapore (MAS), which warned citizens against the risks of cryptocurrencies in the past months, today the Singapore Parliament “Financial Services and Markets Act” Confirmed.
Singapore Continues Cryptocurrency Regulations!
According to the news of Bloomberg, the law in question Singaporean virtual asset businesses operating abroad will require licensing.
With the licensing requirement crypto businesses They will be ensured to comply with anti-money laundering and anti-terrorism measures.
Under the new law approved Monetary Authority of Singapore (MAS), It will have the authority to regulate virtual asset services providers that are established in Singapore but offer their services outside the country.
According to the law, the scope of virtual assets digital payment tokens and cryptocurrencies receipt.
The law passed by the legislature gives MAS if crypto businesses are exposed to cyber attacks or their services are interrupted. For SGD 1 million (US$ 737,580) It also provides the power to impose fines.
In the past months, MAS has promoted the use of cryptocurrencies. “extremely risky and unsuitable for the general public.He explained that they are banning crypto companies from advertising their services to the public in order to curb retail speculation.
Following these bans, one of Singapore’s largest banks, Piyush Gupta, CEO of DBS Bank In a statement, he said that the bank will not be offering cryptocurrency trading services to its retail customers in the near future due to regulatory restrictions in the country.