The Singapore parliament recently passed a law – the Financial Services and Markets Bill– that dictates the process overseas-only crypto companies must undertake before they are allowed to offer services within the country.
According to the law that was passed, the concerned companies are expected to comply with anti-money laundering and anti-terrorism protocols. This was not the case prior to the passage of the regulation.
The provision that discloses the need for the companies to complete the license-seeking process is an important aspect of the Financial Services and Markets Bill. According to the bill, crypto companies subjected to any type of attack or disruption of devices will face a maximum charge of S$1 million ($737,050).
The Monetary Authority of Singapore (MAS) has been given the authority to regulate the operations of businesses that provide digital assets to Singaporeans. The bill classifies digital assets such as cryptocurrencies, digital payment tokens, and virtual representations of capital market products.
As a result of the law, the Monetary Authority of Singapore has the authority to prevent individuals from performing critical tasks in the financial industry if they do not meet the required qualifications.
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