Singapore Offered Regulatory Framework for Payment Service Providers and Bitcoin

Singapore Offered Regulatory Framework for Payment Service Providers and Bitcoin

Several days ago, the Government of Singapore has offered the new regulatory framework for money transferring and payments providers such as Bitcoin and cryptocurrency exchanges. This new offer, which was created by the Singapore’s Monetary Authority, the firms working with bitcoin and Blockchain technology or another cryptocurrency such as CoinHako, BitX, Coinbase, and Quoine would need to receive the special license. Therefore, to work with cryptocurrency in Singapore the firm will must to apply for a single license to make some payments.

The control of these new laws would fall under a new council called the National Payments Council, which would manage politics and synchronize with industry intermediaries and with the council’s members selected from the public and the private sector.

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The authority mentioned:

“The projected framework seeks to reinforce standards of shopper defense, anti-money laundering, and cyber security regarding payment activities whereas contributing innovation and system ability.”

A year ago Singapore stated that it wished to become the first smart nation in the world and it would try to develop the Internet of Things commitment and digital technologies such as financial and blockchain technologies including an assistance for a blockchain-based report keeping trial as part of a $225 million package dedicated to fintech experimentation in July.

Singapore has developed very quickly as the best place for making businesses in South East Asia for companies that want to work in biggest population center and has done so through a permissible corporative tax mode and control environment in the world. This all promotes more external investment in Singapore in contrast with its neighbors such as Thailand. Because Thailand tries to combat with xenophobia, when it is the best time for developing digital technologies and cryptocurrencies to allow foreign startups to start business in their countries.

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Steve Leonard, the administrative vice chairperson of Infocomm Development Authority said:

“We are operating to dashboard the finish nation of Singapore, and to use a propagation of knowledge to permanently improve how we offer essential services to voters in areas similar to health care, transport or resources.”

While the terms of cryptocurrency control still should be improved, this step to correctly regulate bitcoin might apparently see a lift for risk capital supported bitcoin firms whom a looking for ordered safe havens that they will base themselves in.

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