The Monetary Authority of Singapore (MAS), effectively performing the function of the Central Bank, approved a new bill on payment services that expands its sphere of influence on cryptocurrency transactions in its jurisdiction.
The document presented to parliament should replace two existing laws regulating payment systems, business and money transfers. The harmonization of norms to improve consumer protection, AML / CFT and cybersecurity began in 2016, but public debate dragged on. The new rulebook is divided into two parts.
The first is called «determination of the regime», and allows the MAS to determine which payment systems are important for financial stability, respectively, their activities should be regulated. The second part describes the mechanisms of compulsory licensing of companies providing payment services..
Licensing levels depend on the specifics of the entity’s activities, monthly turnover and classification of the legal entity. The foreign exchange office gives a business working with cryptocurrency six months to undergo accreditation and obtain the necessary permits.
In October, the head of MAS Ravi Menon announced that he intends to establish relations between banks and crypto companies..
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text: Ivan Malichenko, photo: static.tildacdn