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Singapore Tightens Regulations on Cryptocurrency Trading
Summary: According to reports, the Monetary Authority of Singapore issued a statement on June 30 tightening regulations on cryptocurrency trading to curb financial crimes such as money laundering. Under the new regulations, digital token service providers serving only overseas customers must obtain a license from the authority to continue operating in Singapore after June 30, or ...
According to reports, the Monetary Authority of Singapore issued a statement on June 30 tightening regulations on cryptocurrency trading to curb financial crimes such as money laundering. Under the new regulations, digital token service providers serving only overseas customers must obtain a license from the authority to continue operating in Singapore after June 30, or else they must shut down their trading platforms. The authority stated that they have raised the threshold for issuing licenses and generally will not issue such licenses. They emphasized the higher risk of money laundering in this business model, especially if a significant amount of regulated activities are conducted outside Singapore, making it difficult for the authority to effectively supervise these entities.
