Singapore is looking to regulate crypto exchanges, new bill is under development

19 Jan, 2019 | Updated: 19 Jan, 2019
by Fifi Arisandi
Regulation
Singapore is looking to regulate crypto exchanges, new bill is under development

Singapore financial authority to regulate crypto exchanges with a new legislative bill that's still pending for approval.

Singapore is looking to provide a clear regulatory framework for cryptocurrency exchanges with the creation of a new legislative bill.

As reported by The Tokenist, the Monetary Authority of Singapore (MAS) is currently drafting a bill that aims to provide a flexible framework for payment systems and payment service providers in the country.

In a broader context, through the bill, the MAS expects to cover all aspects of digital payment token services, as the country seeks to become the frontrunner of the digital asset space.

Quoting the Minister of Education, Ong Ye Kung, who spoke on behalf of the Deputy Prime Minister, “We will be among the first few financial services regulators in the world to introduce a regulatory framework for digital payment token services, or what are commonly understood as cryptocurrency dealing or exchange services.”

He stated that the pending approval bill will require all providers to pass the AML (anti money laundering) and CFT (counter financing of terrorism) screenings, while still maintaining the image of the rich South East Asian country as a FinTech friendly landscape.

“The Bill is a necessary piece in Singapore’s Smart Nation journey. It will help us build a technologically robust smart financial centre, that preserves stability while facilitating innovation and growth in the payments landscape,” Ong added further.

In contrary to this, the neighbor country, Malaysia seems to haven’t made up their mind yet regarding cryptocurrency status in the country. Earlier this week, Federal Territories Minister, Khalid Abdul Samad said to the media, “People have asked me if these (cryptocurrency and digital currency) currencies are legal or illegal. At the moment, the answer is neither legal nor illegal as the situation is still unclear.”

Read more: Malaysia "still unclear" on legal status of cryptocurrencies

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Read more about: Singapore Malaysia

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