Singapore’s Central Bank brings cryptocurrencies under its jurisdiction
According to the report published by the local outlet The Straits Times, Singapore’s Central Bank, also known as The Monetary Authority of Singapore, has broadened its regulations to include several cryptocurrencies under its jurisdiction.
The proposed bill is called Payment Services Bill (PSB) and is comprised of the two fundamental frameworks. The first one allows the Central Bank to bring in currencies that it considers “crucial” for the financial stability of the country, and the second one relates to payment service providers, who will need to apply for one to three licenses, depending on their volume of transactions. For the crypto payment providers, the bank allowed six months to comply with the new regime, for non-crypto payment providers this time frame is extended up to 12 months.
The new bill has been in the works since August 2016 and aimed at improving customer security, while also countering terrorism financing. Overall, the bill is considered crypto-friendly as it allows more cryptocurrencies to enter the market. According to the MAS managing director, Ravi Menon, financial institutions
“should be encouraged to adapt their existing practices to cooperate with the emerging sector.”