Singapore introduces new digital payment legislation

[hugeblack]

Singapore is heading to introduce new legislation "The law will enter into force on Tuesday" allowing crypto currency companies to expand their operations in the country by applying for operating licenses for the first time.

The law will give Singapore's financial supervision authority financial authority over cyber security risks and controls on money laundering and terrorist financing.

“The main benefit of the new legislation is to provide regulatory clarity on emerging and innovative types of payment activities such as electronic portfolios and cryptocurrency exchanges”, said Nizam Ismail, founder and CEO of Ethikom Consultancy, a company that helps potential applicants with issues with licensing and compliance.

The legislation provides regulatory certainty for industry participants, but more importantly, it gives consumers a clear sense of the players they can trust.

Read More ---> http://www.economo.co.uk/singapore-instroduces-new-digital-payment-legislation/

[squatter]

In addition to introducing regulatory measures for the exploitation of cryptocurrencies, the law will give the Singapore Financial Authority official supervisory powers over cybersecurity risks and controls on money laundering and terrorist financing.

I wonder what this entails (if anything) with regards to AML/KYC requirements on Singaporean exchanges like KuCoin and CoinBene.

I see new requirements on operators to:

• establish a registered office in Singapore,
• appoint an agent who will be physically present at the registered office when required by authorities,
• keep accurate records of transactions,
• notify the authorities of registration changes,
• appoint an independent auditor on an annual basis.

Most of the law (full text here) is about the new licensing regime, corporate structures, and auditing/inspection procedures. I don't actually see any references to terms like AML, KYC, laundering or due diligence.

[carter34]

This however will be good. Legislation helps to bring coordination and fear in the things we do. Moreover, it will protection the investors. I think this is a step that other countries can look into so that investors won't keep panicking.

[Theb]

The law is more financially motivated rather than regulatory in nature. Before they even introduced this law, international companies were still allowed to do some business in that country like how Coinbase and Localbitcoins have been operating in that country for years. I would consider their new law as some kind of promotion and confirmation that their country is indeed a crypto-friendly country, they did admit it in the article later on that they are doing this in order to be on par with Japan in terms of their crypto related investments for the country. So if we are talking about leveling the playing field here Singapore might be a little late when it comes to attracting crypto related businesses since other Asian countries aside from Japan like South Korea and the Philippines have already adopted cryptocurrencies earlier.

[Kemarit]

This however will be good. Legislation helps to bring coordination and fear in the things we do. Moreover, it will protection the investors. I think this is a step that other countries can look into so that investors won't keep panicking.

If you wanted to look then see how Japan is enforcing as far as regulatory framework in crypto-sphere. Of course there could be some loopholes that needed to be address here, like hacking KYC/AML procedures, but Japan regulations should be a good gauge here.

I guess the Singapore government just wanted to make it "official" and say, here is our digital legislation. So that they can attract more projects to make Singapore a home for ICO projects and fundings and be one of the safe haven in Asia.

[Kounter]

Interestingly, do they know that in Singapore 80% of the scam is registrated?

[dyslexia]

Interestingly, do they know that in Singapore 80% of the scam is registrated?

What do you mean by that? Does that mean there are a lot of scams there? Can you share that with me!

[zasad@]

https://beincrypto.com/singapore-launch-crypto-task-force/

Singapore Launches Dedicated Task Forces to Fight Tech and Crypto Crimes

"Singapore's attorney general's office has established two task forces and deployed 20 prosecutors to combat rising crypto crimes.
The task forces will aid authorities in tracking and seizing crypto assets and tackle the growing threat from technology-assisted crime.
The city states's Deputy Chief Prosecutor emphasizes the importance of cross-border cooperation in tackling crypto and technology crimes."

original
https://www.zaobao.com.sg/news/singapore/story20231017-1443667