Singapore Parliament has passed the Financial Services and Markets Bill on Tuesday, requiring virtual asset services providers, which do business overseas, to be licensed. The Monetary Authority of Singapore (MAS) under the new law will regulate virtual asset services providers created in Singapore but do not provide their services in the country. Under the law, virtual assets include digital payment tokens, cryptocurrencies, and digital representations of capital markets products.
Singapore Tightens Regulatory Oversight On Crypto Services Providers
The Parliament of Singapore has passed the Financial Services and Markets Bill that will allow the Monetary Authority of Singapore to regulate virtual asset services providers financial firms in the country, reported Bloomberg on April 5.
Currently, the companies providing virtual asset services in Singapore are already regulated under the MAS. However, the law will ensure the prevention of anti-money laundering and terrorism financing by r
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