What are the latest regulations on cryptocurrencies in Singapore?

3 answers

• Dec 16, 2021 · 3 years ago
  As of now, cryptocurrencies are not considered legal tender in Singapore. However, the Monetary Authority of Singapore (MAS) has implemented a regulatory framework to govern the activities of cryptocurrency exchanges and other intermediaries. The Payment Services Act (PSA) requires cryptocurrency service providers to obtain a license from MAS and comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This ensures that exchanges operating in Singapore adhere to strict standards and provide a safe environment for users to trade cryptocurrencies.
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• Dec 16, 2021 · 3 years ago
  The latest regulations on cryptocurrencies in Singapore aim to strike a balance between fostering innovation and protecting investors. The PSA provides a comprehensive regulatory framework that covers various types of digital payment services, including cryptocurrency exchanges. The licensing requirements ensure that only reputable and compliant exchanges can operate in Singapore. Additionally, the regulations also address consumer protection, cybersecurity, and technology risk management to safeguard the interests of users and maintain the integrity of the financial system.
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• Dec 16, 2021 · 3 years ago
  According to the latest regulations on cryptocurrencies in Singapore, cryptocurrency exchanges must comply with strict AML and CTF measures. This includes conducting customer due diligence, monitoring transactions for suspicious activities, and reporting any suspicious transactions to the authorities. The regulations also require exchanges to implement robust cybersecurity measures to protect user data and funds. By adhering to these regulations, exchanges can build trust and confidence among users, which is crucial for the growth and adoption of cryptocurrencies in Singapore. At BYDFi, we prioritize the security and compliance of our platform to ensure a safe and reliable trading experience for our users.
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