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📌 Singapore has expanded its regulation of digital assets to include token storage and funds transfer

In an effort to further regulate the digital asset industry, Singapore has expanded its regulatory framework to include token storage and funds transfer operators. Cryptocurrency

– In an effort to further regulate the digital asset industry, Singapore has expanded its regulatory framework to include token storage and funds transfer operators.

According to a Bloomberg report, the Monetary Authority of Singapore (MAS) announced on Tuesday that amendments to the Payment Services Act will be phased in from April 4. The new measures are designed to protect users and ensure compliance with financial stability requirements.

The amendments are part of Singapore’s efforts to become a center of excellence in the regulation of digital assets. The country has been overhauling its regulations since cryptocurrency-related issues emerged in 2022 to promote the productive use of blockchain technology while discouraging cryptocurrency speculation by retail investors.

Service providers facilitating the transfer or exchange of tokens and companies offering cross-border transfers are subject to the revised rules, even if they do not hold the funds or coins in question. These measures will allow MAS to impose requirements related to anti-money laundering and counter-terrorist financing.

Why it’s important: Singapore’s move to expand cryptocurrency regulation comes amid a number of important developments in the country’s digital asset industry In 2023, Coinbase was granted a Major Payment Institution (MPI) license by MAS and received regulation in Singapore to regulate Digital Payment Token (DPT) products and services in Singapore. This event was a major milestone for the crypto industry in Singapore.

In early 2023, law enforcement agencies in Singapore detained 10 people on money laundering charges and seized assets worth about S$1 billion (US$735 million), including cryptocurrencies. The tightening of cryptocurrency regulation is believed to be a response to such incidents and is meant to promote innovation while protecting investors.

Meanwhile, Singapore-based cryptocurrency miner Bitdeer Technologies has attracted attention with its strategic alliance with Nvidia. This alliance has been cited as a potential catalyst for the company’s share price.

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