ADVERTISEMENT

[email protected]

  • Submit Press Release
  • Submit Guest Post
  • Write for Kryptomoney.com
Latest Crypto News
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
Latest Crypto News
No Result
View All Result
Home News

Singapore Introduces Payment Services Act To Regulate Crypto Exchanges

Choice by Choice
January 28, 2020
in News
0
Singapore Introduces Payment Services Act To Regulate Crypto Exchanges
0
SHARES
110
VIEWS
Share on FacebookShare on Twitter

Singapore has introduced a new Payment Services Act that gives global cryptocurrency exchanges a chance to expand their operations. However, they must apply for operating licenses to provide their services in the country.

Singapore moves to legalize crypto exchanges with Payment Services Act

Singapore is aiming to boost cryptocurrency exchanges by offering them a chance to apply for operating licenses. The move, called the Payment Services Act, has come into effect on Tuesday (January 28, 2020). The new law will allow global crypto platforms the chance to expand their operations in the country.

The new law will also serve as detailed regulation for crypto firms — for activities ranging from digital payments to the trading of coins like Bitcoin and Ethereum. It will also help provide a concrete and detailed framework on things like eWallets and exchanges of cryptocurrencies.

Crypto firms can now apply for operating licenses from MAS

According to the bill, crypto exchange platforms in Singapore can now apply for operating licenses from the Monetary Authority of Singapore (MAS). The new laws also grant the regulatory agency, monitoring and supervisory powers over businesses in the country’s crypto space.

The new Payment Services Act contains two regulatory frameworks — payment systems designation and licensing requirements. Together, both parallel aspects of the new laws should help the MAS in overseeing crypto and other payment systems under a unified regulatory paradigm.

Speaking to Bloomberg, Sherry Goh, general manager for Luno Singapore hailed the development, declaring:

[The new law] provides regulatory certainty to industry players but, more importantly, it provides consumers with a clear sense of the players they can trust.

As per Bloomberg, Luno and Liquid Inc. plan to apply for operating licenses under the new regulatory framework. Singapore joins Malaysia in becoming the latest country in Southeast Asia to create a legal basis for crypto exchanges.

The move towards legalizing aspects of the crypto platforms comes as cryptocurrencies continue to gain popularity in Southeast Asia. Earlier in January, Malaysian regulators banned crypto Initial Coin Offerings (ICOs) while issuing regulations for initial exchange offerings (IEOs).

Tags: crypto exchangescryptocurrenciesMASPayment Services ActSingapore
Previous Post

Dubai Announces Launch of Tax-Free Crypto Valley

Next Post

LocalBitcoins Records 2-Year Record Low For Bitcoin Trading Volume in China

Next Post
BTC

LocalBitcoins Records 2-Year Record Low For Bitcoin Trading Volume in China

Recent Stories

As Bitcoin Consolidates, This Is What Analysts Are Saying on BTC, Chainlink, Aave, and SushiSwap Price Outlook

As Bitcoin Consolidates, This Is What Analysts Are Saying on BTC, Chainlink, Aave, and SushiSwap Price Outlook

January 17, 2021
Ripple (XRP) Is Now the Fifth-Largest Cryptocurrency As Polkadot, Chainlink, AAVE Explode to Fresh Highs

Ripple (XRP) Is Now the Fifth-Largest Cryptocurrency As Polkadot, Chainlink, AAVE Explode to Fresh Highs

January 16, 2021
Cardano Price Analysis: Bulls Drive ADA/USD Price Past $0.37, Cardano Wants To Help Twitter Decentralize Social Media

Cardano Price Analysis: Bulls Drive ADA/USD Price Past $0.37, Cardano Wants To Help Twitter Decentralize Social Media

January 16, 2021
Is an Altseason Coming? Chainlink (LINK) Hits New Record Highs of $21.40, Polkadot & Cosmos (ATOM) Surge

Is an Altseason Coming? Chainlink (LINK) Hits New Record Highs of $21.40, Polkadot & Cosmos (ATOM) Surge

January 15, 2021
Quickly

Financial Advisor Introduces Petition for the UK Government to Ban Crypto Transactions

January 15, 2021
LTC Price Analysis: Steep Correction on LTC/USD From $186 High, Flare Networks Announces Litecoin Airdrop

LTC Price Analysis: Steep Correction on LTC/USD From $186 High, Flare Networks Announces Litecoin Airdrop

January 15, 2021
Bitcoin

Bitcoin Falls Below $35k Despite the Unveiling of Biden’s $1.9 Trillion Stimulus

January 15, 2021
cryptocurrencies

The Impact Of Cryptocurrencies On The Global Marketplace

January 15, 2021
What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

January 14, 2021
Trading

PayPal Crypto Trading Volume Climbed $242 In One Day

January 14, 2021

Email Subscription

Pages

About Us

Contact Us

Disclaimer

Get Latest Cryptocurrency And Bitcoin News

Privacy Policy

Write for Kryptomoney.com

Category

Events

General

Interviews

News

Price Analysis

Press Release

Sponsored

Information

About Us

Submit Press Release

Submit Guest Post

Contact Us

Social Icons

[email protected]

©KryptoMoney 2019 | Southridge Internet Corp

No Result
View All Result
  • Resource List
  • News
  • Price Analysis
  • Events
  • Press Release
  • Sponsored

©KryptoMoney 2019 | Ess Commerce Private Limited

  • bitcoinBitcoin (BTC) $ 35,229.00 2.95%
  • ethereumEthereum (ETH) $ 1,199.63 3.62%
  • tetherTether (USDT) $ 1.00 0.07%
  • bitcoin-cashBitcoin Cash (BCH) $ 474.11 3.2%
  • binancecoinBinance Coin (BNB) $ 45.36 4.07%
Our websites require cookies enabled to provide you with an uninterrupted experience. Please continue without changing your setting to receive important notifications.I Agree