SINGAPORE - Singapore is introducing new payments legislation that offers global cryptocurrency firms a chance to expand their operations in the country by applying for operating licences for the first time.
The measure narrows the gap with Japan, currently a major Asian centre for cryptocurrency trading after 22 exchanges received licences there since 2017. Increased investor interest in digital tokens has encouraged several regulators around the world to bring the venues under their scrutiny, especially for money laundering and other illicit activities.
Tokyo-based crypto exchange operator Liquid Group Inc and London-based Luno, which already operate in Singapore, are among the firms planning to apply for the licences."We welcome the Act with open arms," said Liquid's CEO Mike Kayamori. The firm will apply via its local Quoine Pte subsidiary.