Singapore develops rules for crypto payments

Posted 20 November, 2018

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.

Previous story

20 November, 2018 14:41

← KuCoin announces trading pairs changes

KuCoin trading platform plans trading adjustments on the exchange, that may cover listing and delisting of the cryptocurrencies. The company posted a notice on its website regarding changes to the pairs that are offered at the platform for now. KuCoin will remove only trading pairs, while tokens "will not be affected". This means that users will maintain their access to the assets.  The decision to delist certain pairs is said to be driven by low daily trading volumes, which reach just some $300-500.

KuCoin announces trading pairs changes

Next story

20 November, 2018 12:29

Huobi launches business branch to cooperate with Communist Party in China →

Top-3 crypto trading platform – Huobi – reportedly created a task force aimed at cooperating with Chinese Communist Party. The new business branch will be based on the Chinese division of the platform. The company believes this move will help to get support from the leading party in the region. This is the first initiative of cooperation with Chinese government detected in the crypto sector.

Huobi launches business branch to cooperate with Communist Party in China
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