The new crypto regulation proposed by Singapore non-commercial organization
received the central bank support.
The set of rules contain standards that would ensure transparency and the efficiency of crypto solutions’ suppliers within the country.
Крипто-регулирование дает ценные сведения
Crypto regulation provides valuable information
The initiative received the support of Monetary Authority of Singapore that participated actively in presented proposals. They include the assistance in
implementation of regulatory requirements and crypto businesss development in the country.
Besides, the Association of banks in Singapore also shared its own ideas,
“We have been working at designing the Code for two years, and now we are finally
implementing it. A lot of things have happened over the two years, including the freshly issued guidance for virtual currencies.
The Law on payment services says that companies dealing with crypto should get a license for operating in the country. A few months ago there were some updates to the law, and the new crypto Code aims to meet these requirements with simultaneous improvement of compliance standards for crypto businesses.
