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Home News Singapore more friendly to the crypto business

Singapore more friendly to the crypto business

Singapore is one of the most cryptocurrency-friendly areas in the world. This unique city-state fully supports blockchain technology and related development opportunities – including cryptocurrencies. Today, the regulation which is designed to facilitate the legal conduct of business based on cryptocurrencies enters into force. It means, that from now companies can obtain a license to provide crypto services. Can Singapore – thanks to this – become the Asian equivalent of Malta?

Will there be cryptocurrency exchanges in Singapore?

The Payment Services Act – adopted by the Singapore Parliament in September 2019 – entered into force today. The regulations covered a wide range – from trading cryptocurrencies (i.e. exchanges) to make payments via digital means (payment gateways). The creation of this law had one purpose – to support enterprises that would like to base their activities on the cryptocurrency market.
The new regulations allows companies to obtain a license to sell, buy, operate payments and create a cryptocurrency-friendly platform – but that’s not all. Thanks to this law, the Singaporean authorities will be able to control companies in terms of counteracting terrorism and money laundering. A company that wants to run its business legally must apply for the so-called operational licenses. The law is also intended to encourage consumers and increase their confidence in cryptocurrency and electronic payments.

Will the desert city become a crypto paradise?

Thanks to the regulations introduced today, Singapore is at the top of cryptocurrency-friendly countries. Asia is strongly divided about this topic – from a total trade ban in China to Japan, which launched a cryptocurrency payment system in over 10,000 stores last year.
In the Land of the Rising Sun, 22 cryptocurrency licenses have been issued in the last 3 years – that is since the regulations were introduced there. There is a high probability that Singapore will become equally popular – especially after the introduction of the 5th AML directive in Europe, which significantly limits the freedom of cryptocurrencies and companies based on them.

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