The fight against money laundering and countering the financing of terrorism have become key points of Singapore’s new cryptocurrency legislation law. The relevant amendments were made to the Law on Payment Services, which was adopted in January 2019.
According to the Monetary Authority of Singapore (MAS), the existing anti-money laundering and terrorist financing rules now apply to so-called digital token services. Virtually all cryptocurrency companies, including exchanges, fall under this definition.
Under the new rules, Singapore cryptocurrency companies will have to initially register and then apply for a payment service provider license, which will allow them to operate in the country.