Crypto Regulation in Singapore

Over the last few years, we have seen global regulators walk a fine line as they attempt to regulate digital assets without stifling innovation even as the technology moves at the speed of the internet. Nowhere has this been more true than in Singapore, where regulators have sought to launch a framework for digital assets focused on creating a welcoming environment for cryptocurrency businesses while at the same time zealously protecting consumers and mitigating the risks of money laundering and other illicit activity. This has triggered robust advertising and AML regulation. Singapore’s Payment Services Act came into effect in January 2020, providing a framework for regulating areas from trading cryptocurrencies to using tokens for payments. Under the law, the Monetary Authority of Singapore (MAS) issues digital payment token licenses to crypto companies that make it through the application process. And, in April, Singapore extended the licensing requirement to virtual asset service providers in the city-state which only do business overseas. Singapore has led the way globally when it comes to crypto regulation. Understanding the regulatory framework in Singapore is critical for businesses looking to engage with the nation, but also for those looking to understand regulatory frameworks for digital assets across the globe. This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto. Learn more about our mission to build a safer financial system for billions of people here: https://www.trmlabs.com/about