Singapore aims to streamline financial watchdog’s authority over crypto firms

2022.04.05 20:31

Singapore aims to streamline financial watchdog’s authority over crypto firms

The Singaporean government has approved legislation that will give the Monetary Authority of Singapore, or MAS, additional power to respond to crypto firms doing business outside the country.

Records from the Parliament of Singapore show the government passed the Financial Services and Markets Bill on Tuesday following a second reading on Monday. According to the MAS, the legislation will require virtual asset service providers doing business outside Singapore to be licensed and subject to Anti-Money Laundering and Combating the Financing of Terrorism requirements, or AML and CFT, respectively.

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