Singapore has launched a brand new regulation that intensifies regulatory scrutiny of cryptocurrency gamers primarily based within the metropolis state. The transfer comes lower than three months after it banned promoting of crypto companies to most of the people.
The brand new Monetary Providers and Markets FSM Invoice, handed on Tuesday April 5, requires Singapore-based digital asset service suppliers doing enterprise exterior of Singapore to be licensed within the metropolis state. Till now, solely crypto gamers working out there had been below the purview of Singapore’s regulators.
Observers are divided on the impression that the better regulation has on Singapore’s potential as a cryptocurrency hub.
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