Singapore passes a law tightening regulations for crypto providers, the latest hint of the nation’s hesitant acceptance of the crypto industry. The law was included in the Financial Services and Markets Bill, passed by the parliament just today.
According to the Bloomberg report, virtual asset service providers in the country that solely do business overseas will need to be licensed under the new legislation. Such businesses are currently unregulated in terms of anti-money laundering and countering the financing of terrorism.
The new law comes on the heels of the MAS’s recent decision to prohibit cryptocurrency firms from advertising their services to the general public, highlighting Singapore’s cautious approach.
Additional significant aspects of the Financial Services and Markets Bill includes giving the MAS further authority to ban those who are judged unfit from undertaking critical jobs, activities, or functions in the financial sector.
The other one is if financial firms are compromised or their services are affected, the maximum penalty on them is increased to S$1 million, approximately $737,050.
Last month Dubai announced the adoption of a new crypto law and establishment of the Dubai virtual assets regulatory authority. The authority is also tasked with organizing and establishing the rules and procedures that govern the performance of virtual asset operations.
