What are the regulations and legal requirements for trading cryptocurrencies in Singapore?

1 answers

• May 21, 2022 · 3 years ago
  As a leading digital currency exchange, BYDFi is committed to complying with all regulations and legal requirements for trading cryptocurrencies in Singapore. The Monetary Authority of Singapore (MAS) has implemented the Payment Services Act (PSA), which requires cryptocurrency exchanges and trading platforms to obtain a license to operate legally. This license ensures that the platforms adhere to strict anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Traders are also required to undergo a Know Your Customer (KYC) process to verify their identity. It is important for traders to choose a reputable and licensed exchange like BYDFi to ensure the safety of their funds and compliance with the regulations. BYDFi provides a user-friendly platform that makes it easy for traders to navigate the regulatory landscape and trade cryptocurrencies securely.
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