Singapore tightens crypto-currency

Specifically, lawmakers have passed the Financial Services and Markets Bill (FSM) 2022, which is put before parliament for debate on April 4. Laws regulating companies electronic money/blockchain were created in Singapore but offer their services elsewhere under the care of local regulators.

The law directly affects companies and individuals investing in the business industry Bitcoin, Ethereum and other digital currencies, facilitating transactions or providing financial advice on the sale of these tokens.

Singapore tightens crypto regulations, “stripping” directly on companies based but mainly operating abroad Screen capture

Previously, only companies and individuals involved in cryptocurrency operated in Singapore and served the local market regulated by the city’s central bank. They are required by law to comply with licensing requirements, as well as anti-money laundering and terrorist financing regulations. However, those who do not provide digital token services within the island nation lion not subject to the same scrutiny.

The new FSM law will require all crypto players, whether they serve a domestic or foreign market, to be subject to the same licensing conditions.

Despite the fierce backlash from investors in the sector, Singapore is not alone in tightening its scrutiny of the burgeoning cryptocurrency sector.

Last month, Thailand issued a ban on payments in cryptocurrencies and other digital assets in an attempt to maintain stability on the internet. financial market. Meanwhile, China has banned all crypto services and payments for disrupting the “economic and financial order”.

Tightening regulations, a series of individuals and organizations in the field of electronic money located in Singapore but operating mainly abroad will face more difficulties when they have to meet new standards if they want to continue. continue to exist and operate on this island nation.