The Monetary Authority of Singapore is expanding its regulatory scope for crypto service providers.
Singapore is introducing regulations that appear to be more stringent for companies engaging in cryptocurrency services or digital payment token services.
The amendments are expected to take effect from April 4 in stages, according to the statement. Specifically, the MAS noted that the new rules would cover custodial services for DPTs, facilitation of the transmission of DPTs, and facilitation of cross-border money transfers between countries “even where moneys are not accepted or received in Singapore.”
The MAS added that it would provide “transitional arrangements” for those conducting activities under the expanded regulatory scope, but they need to inform the regulator within 30 days and file a license application within six months from April 4.
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