Monetary Authority of Singapore announced its new regulatory background for providers of crypto payment services on Monday
According to the news reports, the initiative represents two regulations – for systematically important payment solutions and for licensing of retail payment service companies.
The new rules will enable crypto service providers to run business in the legal area. This category is likely to host crypto wallets and payment tokens (Bitcoin, Ethereum and similar). In addition, the new bill will cover companies dealing with issue and exchange of digital coins, tokens as well as money transfers within/beyond Singapore.
Crypto companies may file an application for the license depending on the volume of the processed transactions – they can be registered as currency exchanger or standard/large payment entity. In this situation, the first two groups will reportedly be regulated by the AML and anti-terrorism funding policy, whereas large payment companies will be subject to complex rules.
Earlier, the MAS chief expressed the readiness of the authority to build a constructive dialogue between banking institutions and crypto companies.