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Singapore introduces AML rules for crypto businesses

Thursday 30 January 2020 09:46 CET | News

The Monetary Authority of Singapore (MAS) has announced it is updating its regulatory framework for digital payments.

As such, Singapore’s Payment Services Act 2019 (PSA) brings the so-called Digital Payment Token (DPT) services under current AML and counterterrorist-financing (CTF) rules. DPT covers all crypto businesses and exchanges based in Singapore. This means that crypto businesses in Singapore are required to first register and then apply for a license to operate in the jurisdiction, Yahoo Finance reports.

Moreover, starting 28 January, businesses will have a month to register with MAS, stating they are based in Singapore and are operating a DPT business. After the registration is completed, there’s a six-month grandfathering period during which companies have to apply for a payment institution license.

More: Link


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Keywords: Singapore, AML, rules, cryptocurrency, digital payments, regulations, counterterrorist-financing, CTF
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Singapore
This article is part of category

Blockchain & Cryptocurrencies