Towards encouraging more activities in the Singapore crypto market, the monetary authority of Singapore introduced the payment services act. The act is aimed at regulating crypto payment and trading in tandem with laid down rules that oversee traditional fiat payment services as a guideline. Crypto exchange firms interested in operating in Singapore are thereby required to apply for necessary clearance in the country alongside a standard payment institution license, money changing license, and major payment institution license. Bloomberg reported earlier on Monday that a leading global crypto exchange firm has keyed into the requirement of the monetary authority of Singapore.
