The Singapore parliament passed a law on Tuesday that will require crypto businesses based in the city-state but only doing business overseas to be licensed, according to
At the moment, Singapore's crypto entities are not regulated for anti-money laundering and countering the financing of terrorism and thus the move is aimed at tightening rules for cryptocurrency providers.to limit crypto ads in public spaces and media.. This bill includes the imposition of a higher maximum penalty of S$1 million on financial institutions if they experience cyberattacks or their services are disrupted.
The bill gives greater powers to the Monetary Authority of Singapore to prohibit individuals who are deemed unfit from performing key roles, activities and functions in the financial industry. These will now include individuals providing payment services and conducting risk management.
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