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Singapore Act Requiring Cryptocurrency Firms To Get Licensed Comes Into Effect

Roland James

Summary: The new Payment Services Act, which is meant to regulate the operations of Singapore’s cryptocurrency firms, comes into effect today. This act treats cryptocurrency payments and trading enterprises like traditional payment services and requires them to hold a license. Cryptocurrency payment services must also comply with the Financial Advisers Act, Insurance Act, Securities and Futures ...

The new Payment Services Act, which is meant to regulate the operations of Singapore’s cryptocurrency firms, comes into effect today.

This act treats cryptocurrency payments and trading enterprises like traditional payment services and requires them to hold a license. Cryptocurrency payment services must also comply with the Financial Advisers Act, Insurance Act, Securities and Futures Act and the Trust Companies Act.

By Roland James

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Link: Singapore Act Requiring Cryptocurrency Firms To Get Licensed Comes Into Effect   [Copy]
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