Singapore's new crypto legislation enters into force on January 28, 2020.

  • Singapore law on payment services openly welcomes the work of global crypto firms in the country after obtaining a license.
  • The law formally instructs the Monetary Authority of Singapore to regulate cybersecurity and money laundering.

Singapore has finally issued new legislation aimed at achieving regulatory clarity in the “developing and innovative” sector. The highlight of the Law on Payment Services is the freedom of action of global crypto firms in the country after applying for a license to operate.

The law enters into force on Tuesday and provides a comprehensive regulatory framework for firms engaged in activities ranging from the provision of digital payments to the offering of services for the sale and purchase of digital assets, such as Bitcoin и Ethereum. The law also gives the Monetary Authority of Singapore an official mandate to oversee all cybersecurity risks, as well as monitor money laundering and support for terrorism.

Various firms, including Tokyo's Liquid Group Inc. and Luno on the London Stock Exchange have already expressed interest in applying for a license. Liquid CEO Mike Kayamori said the firm welcomes the law with open arms. Luno CEO Sherry Guo added that legislation:

Provides regulatory certainty for industry players, but more importantly, provides consumers with a clear view of players they can trust

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