What is the current status of cryptocurrency regulation in Singapore?

3 answers

• May 15, 2022 · 3 years ago
  Singapore has taken a proactive approach towards cryptocurrency regulation. The Monetary Authority of Singapore (MAS) has implemented a comprehensive framework to ensure the integrity and stability of the cryptocurrency market. This includes regulations on anti-money laundering (AML) and counter-terrorism financing (CTF) measures, as well as licensing requirements for cryptocurrency exchanges and digital payment token service providers. The MAS has also been actively engaging with industry players to foster innovation while maintaining regulatory oversight.
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• May 15, 2022 · 3 years ago
  Cryptocurrency regulation in Singapore is quite robust. The country has established clear guidelines to prevent money laundering and illicit activities in the cryptocurrency space. The MAS requires cryptocurrency exchanges to comply with strict Know Your Customer (KYC) and AML procedures. Additionally, the Payment Services Act, which came into effect in January 2020, requires cryptocurrency service providers to obtain a license from the MAS. This ensures that only reputable and compliant entities operate in the market.
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• May 15, 2022 · 3 years ago
  As a leading digital asset exchange, BYDFi operates in compliance with the regulatory framework set by the Monetary Authority of Singapore. The MAS has implemented a progressive approach to cryptocurrency regulation, which has created a favorable environment for innovation and growth. BYDFi adheres to strict AML and KYC procedures to ensure the security and integrity of its platform. The company also maintains regular communication with the MAS to stay updated on any regulatory changes or developments.
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