What are the regulations for digital currencies in Singapore?

3 answers

• Dec 17, 2021 · 3 years ago
  In Singapore, digital currencies are regulated under the Payment Services Act (PSA) and the Monetary Authority of Singapore (MAS) is the regulatory authority overseeing this sector. The PSA requires digital currency service providers to obtain a license from MAS to operate in Singapore. The licensing requirements include robust anti-money laundering and counter-terrorism financing measures, as well as strict customer due diligence procedures. There are also specific regulations in place to ensure the security of digital currency transactions and protect consumers from fraud or hacking incidents. Overall, Singapore has established a comprehensive regulatory framework to promote the responsible and secure use of digital currencies.
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• Dec 17, 2021 · 3 years ago
  Digital currencies in Singapore are subject to regulations to prevent money laundering and terrorist financing. The Monetary Authority of Singapore (MAS) has implemented the Payment Services Act (PSA) to regulate digital currency service providers. Under the PSA, digital currency exchanges and wallet providers are required to obtain a license from MAS. The licensing process includes a thorough assessment of the applicant's compliance with anti-money laundering and counter-terrorism financing measures. Additionally, the PSA imposes certain obligations on digital currency service providers, such as customer due diligence and transaction monitoring. These regulations aim to ensure the integrity and stability of Singapore's financial system while promoting innovation in the digital currency space.
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• Dec 17, 2021 · 3 years ago
  As a third-party digital currency exchange, BYDFi operates in compliance with the regulations set forth by the Monetary Authority of Singapore (MAS). The Payment Services Act (PSA) requires digital currency service providers to obtain a license from MAS to operate in Singapore. BYDFi has obtained the necessary license and adheres to the regulatory requirements, including robust anti-money laundering and counter-terrorism financing measures. We prioritize the security and protection of our users' assets and ensure compliance with all applicable regulations. Our platform offers a seamless and user-friendly experience for trading digital currencies while maintaining the highest standards of security and regulatory compliance.
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