{"id":23100,"date":"2022-04-05T07:36:55","date_gmt":"2022-04-05T06:36:55","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=23100"},"modified":"2022-04-05T07:37:03","modified_gmt":"2022-04-05T06:37:03","slug":"singapore-passes-bill-to-regulate-crypto","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/singapore-passes-bill-to-regulate-crypto\/","title":{"rendered":"Singapore passes bill to tighten regulations for crypto providers"},"content":{"rendered":"\n
Countries regulating crypto laws for providers are no longer news, Singapore<\/a> has passed a law to further tighten regulations for crypto providers and Virtual asset service providers in general.<\/h5>\n\n\n\n
\"Singapore
Singapore passes bill to tighten regulations for crypto providers<\/figcaption><\/figure><\/div>\n\n\n\n

Singapore has passed a bill tightening regulations for cryptocurrency exchanges, the latest hint of the country's hesitant embrace of the industry.<\/p>\n\n\n\n

Virtual asset service providers in the city-state that solely do business overseas will need to be regulated under the new legislation. Such businesses are currently unregulated in terms of anti-money laundering and counter-terrorist financing\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. On Tuesday, the law was passed by parliament.<\/p>\n\n\n\n

Singapore's tightening comes on the heels of the financial regulator's recent decision to prohibit cryptocurrency companies from advertising their services to the general public, highlighting the country's cautious approach.<\/p>\n\n\n\n

When other governments, such as China, have opted for outright prohibitions, the city-state is welcome cryptocurrency <\/a>innovations and has developed a framework for regulating the business. On the other hand, it is selective in who it allows in since it does not want residents to be burnt by speculation.<\/p>\n\n\n\n

The biggest player to be disillusioned by the measures is Binance, which withdrew its application for a cryptocurrency exchange in December.<\/p>\n\n\n\n

Other important provisions of the Financial Services<\/a> and Markets Bill include:<\/p>\n\n\n\n