Blocktoq

    Will Bitcoin protect your savings from inflation?

    18 November 2021

    How to create nft art?

    12 November 2021

    USA – the top destination for bitcoin miners. Why China gave away the title?

    11 November 2021
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    Blocktoq
    • Crypto News
    • Explained
    • Reviews
    • After Hours
    • Market Tools
    • Igaming
    • English
      • Polish
      • Russian
    0 Shopping Cart
    Blocktoq
    Blocktoq»Crypto News»Singapore more friendly to the crypto business
    Crypto News

    Singapore more friendly to the crypto business

    MonikaBy Monika28 January 2020Updated:12 March 2021No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    криптовалюта_сингапур
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Singapore is one of the most cryptocurrency-friendly areas in the world. This unique city-state fully supports blockchain technology and related development opportunities – including cryptocurrencies. Today, the regulation which is designed to facilitate the legal conduct of business based on cryptocurrencies enters into force. It means, that from now companies can obtain a license to provide crypto services. Can Singapore – thanks to this – become the Asian equivalent of Malta?

    Will there be cryptocurrency exchanges in Singapore?

    The Payment Services Act – adopted by the Singapore Parliament in September 2019 – entered into force today. The regulations covered a wide range – from trading cryptocurrencies (i.e. exchanges) to make payments via digital means (payment gateways). The creation of this law had one purpose – to support enterprises that would like to base their activities on the cryptocurrency market.

    The new regulations allows companies to obtain a license to sell, buy, operate payments and create a cryptocurrency-friendly platform – but that’s not all. Thanks to this law, the Singaporean authorities will be able to control companies in terms of counteracting terrorism and money laundering. A company that wants to run its business legally must apply for the so-called operational licenses. The law is also intended to encourage consumers and increase their confidence in cryptocurrency and electronic payments.

    MAS announced the commencement of the Payment Services Act, which will enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments. https://t.co/FTrKjZswm9

    — MAS (@MAS_sg) January 28, 2020

    Will the desert city become a crypto paradise?

    Thanks to the regulations introduced today, Singapore is at the top of cryptocurrency-friendly countries. Asia is strongly divided about this topic – from a total trade ban in China to Japan, which launched a cryptocurrency payment system in over 10,000 stores last year.

    In the Land of the Rising Sun, 22 cryptocurrency licenses have been issued in the last 3 years – that is since the regulations were introduced there. There is a high probability that Singapore will become equally popular – especially after the introduction of the 5th AML directive in Europe, which significantly limits the freedom of cryptocurrencies and companies based on them.

    crypto law singapore cryptocurrency exchange asia Payment Services Act singapore cryptocurrency
    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleКоби Брайант и Джастин Сан – неспортивное поведение
    Next Article Swiss city Zermatt accepts tax payments in Bitcoin
    Monika

      Start with crypto today

      Leave A Reply Cancel Reply

      Search
      Crypto News

      Will Bitcoin protect your savings from inflation?

      By Blocktoq Team18 November 20210

      Recently, a record increase in inflation has been recorded – both in Poland and in the USA. In Poland, inflation is close to 7%, in the USA it is 6.2%.

      How to create nft art?

      12 November 2021

      USA – the top destination for bitcoin miners. Why China gave away the title?

      11 November 2021

      Solana, the man(ETH)er

      3 November 2021

      Address: Blocktoq LTD, Kemp House 160 City Road, EC1V 2NX, London
      Email: [email protected]

      Facebook Twitter Instagram
      About us
      • Who we are
      • Submit press release
      • Advertise
      • Privacy Policy
      • Contact us
      • Shop
      • Cart
      Categories
      • After Hours
      • Crypto News
      • Crypto Projects
      • Explained
      • Finance
      • Igaming
      • Market Tools
      • Press Releases
      • Reviews
      Design by Blocktoq - Let's talk about Crypto! © 2022 Blocktoq All Right Reserved

      Type above and press Enter to search. Press Esc to cancel.