What are the regulations for cryptocurrency brokers in Singapore?

3 answers

• Dec 17, 2021 · 3 years ago
  As an expert in the field, I can provide you with an overview of the regulations that cryptocurrency brokers in Singapore need to adhere to. In Singapore, cryptocurrency brokers are required to be registered with the Monetary Authority of Singapore (MAS) and comply with the Payment Services Act (PSA). This act aims to regulate the provision of digital payment token services, which includes cryptocurrency trading. Brokers must also implement robust anti-money laundering (AML) and know-your-customer (KYC) procedures to prevent illicit activities. It is important for brokers to stay updated with the latest regulatory developments and ensure compliance to maintain a secure and trustworthy trading environment for users.
  724362
• Dec 17, 2021 · 3 years ago
  When it comes to regulations for cryptocurrency brokers in Singapore, the Monetary Authority of Singapore (MAS) plays a crucial role. MAS requires cryptocurrency brokers to be licensed under the Payment Services Act (PSA) and comply with strict anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This ensures that brokers follow the necessary procedures to prevent illicit activities and protect the interests of their users. It's important for brokers to maintain transparency and adhere to the regulatory framework to build trust and credibility in the industry.
  592198
• Dec 17, 2021 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi ensures compliance with the regulations set by the Monetary Authority of Singapore (MAS) for cryptocurrency brokers. We are licensed under the Payment Services Act (PSA) and strictly adhere to anti-money laundering (AML) and know-your-customer (KYC) procedures. Our priority is to provide a secure and transparent trading environment for our users, while also complying with the regulatory requirements. We continuously monitor and update our systems to ensure compliance with the evolving regulations and maintain the highest standards of security and compliance.
  608152