Singapore introduces AML rules for crypto businesses

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.

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