Singapore helps global cryptocurrency firms to expand their local operations (News are in descending order )

SINGAPORE (BLOOMBERG) – 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 Payment Services Act, which came into force on Tuesday (Jan 28), is the first comprehensive regulation for companies handling activities ranging from digital payments to trading of tokens such as Bitcoin and Ether. The aim is to safeguard against money laundering and terrorism financing, as well as strengthen consumer protection, cyber security and promote confidence in the use of e-payments.

The Act brings providers of digital payment token services, more commonly known as cryptocurrency dealing or exchange services, into the regulatory fold under the ambit of the Monetary Authority of Singapore (MAS).