Singapore Takes Firm Steps in Crypto Regulation
Singapore has taken decisive action to strengthen regulations in the cryptocurrency sector, as the Monetary Authority of Singapore (MAS) introduces amendments to the Payment Services Act.
The revisions, effective from April 4, 2024, extend regulatory oversight to include digital payment tokens (DPTs), ensuring enhanced safety for users.
Under the updated regulations, MAS will supervise various activities involving DPTs, such as custodial services and cross-border money transfers. Additionally, MAS gains authority to enforce anti-money laundering (AML) and counter-terrorism financing (CFT) requirements on DPT service providers. Entities operating in DPT-related activities are required to inform MAS within 30 days and apply for licensing within six months to continue their operations.
These regulatory changes aim to provide clarity and accountability in Singapore’s crypto landscape, thereby building trust among investors and businesses. By adhering to strict AML and CFT measures under MAS oversight, DPT service providers will contribute to enhancing sector integrity and reducing risks associated with illicit activities.
READ MORE: UK Financial Watchdog Targets Meme Marketing for Cryptocurrencies
The move signifies Singapore’s commitment to fostering innovation while ensuring financial stability and consumer protection in the cryptocurrency space. It sets a significant precedent in the evolution of digital finance, positioning Singapore as a leader in regulatory frameworks for digital assets.
Furthermore, recent developments in Singapore highlight the nation’s proactive approach to digital asset regulation. OKX Exchange’s approval for a major payment institution (MPI) license exemplifies Singapore’s efforts to embrace cryptocurrency and establish a robust regulatory environment, further solidifying its position in the global crypto market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
