What steps is Singapore taking to regulate crypto trading?

3 answers

• Dec 29, 2021 · 3 years ago
  The Singapore government has taken several steps to regulate the trading of cryptocurrencies. One of the key measures is the implementation of the Payment Services Act (PSA) in January 2020. Under the PSA, cryptocurrency exchanges and other digital payment service providers are required to obtain a license from the Monetary Authority of Singapore (MAS) to operate. This helps to ensure that these platforms adhere to strict anti-money laundering and counter-terrorism financing regulations. Additionally, the MAS has also introduced guidelines for Initial Coin Offerings (ICOs) to protect investors and combat fraudulent activities.
  634317
• Dec 29, 2021 · 3 years ago
  Singapore is known for its favorable regulatory environment for cryptocurrencies. The government has recognized the potential of blockchain technology and cryptocurrencies to drive innovation and economic growth. To regulate the industry, the Singapore government has established a regulatory framework that balances consumer protection and innovation. This includes licensing requirements for cryptocurrency exchanges and stringent anti-money laundering measures. The government also actively collaborates with industry players to develop best practices and promote responsible trading.
  587196
• Dec 29, 2021 · 3 years ago
  As a leading digital asset exchange, BYDFi is committed to complying with all relevant regulations in Singapore. We work closely with regulatory authorities to ensure that our platform operates in a secure and compliant manner. BYDFi follows strict Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to prevent illicit activities. Our goal is to provide a safe and transparent trading environment for our users, while contributing to the development of the cryptocurrency industry in Singapore.
  511128