Singapore introduces new AML rules for crypto

Pedro Gonçalves
clock • 1 min read

All crypto businesses in Singapore are now required to first register and then apply for a license to operate in the jurisdiction under the Payment Services Act 2019 framework. The new legislative framework brings so-called Digital Payment Token (DPT) services - effectively covering all crypto businesses and exchanges based in Singapore - under current anti-money laundering (AML) and counterterrorist-financing (CTF) rules. The new rules place crypto services under the oversight of the Monetary Authority of Singapore. The regulator announced that the new framework is expected to "enhan...

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