- Singapore imposes new laws on crypto.
- The Monetary Authority will decide which individuals are fit to perform important financial duties.
- Financial institutions will now have to pay more taxes.
In the volatile market of digital currencies, the risks of getting rugged and scammed are high. To provide safeguard against this, the Singapore government has passed a regulation in “Financial Services and Markets Bill” to strengthen the laws on cryptocurrency providers in the latest acceptance of its unsettled grip on the industry.
This law has been passed soon after it has been deemed necessary for crypto companies to advertise their products along with disclaimers. Customers should have thorough knowledge of the risks involved and of the nation’s approach.
According to the new law, cryptocurrency providers must have a license for overseas trading. These firms are not currently being considered or monitored for anti-money laundering and countering to provide funds of terrorism.
The bill also includes that the Monetary Authority of Singapore have rights to not allow unfit people to take up key roles in the industry like those who provide payment services and conduct duties related to risk management.
Furthermore, financial insecurity will now be charged with maximum penalty of almost $1million if their services or website gets compromised.