Singapore's monetary authorities recently opened the door to crypto with the Payment Services Act. This policy aims to regulate payments in crypto currency and trade using regulations that currently regulate traditional monetary payment services as guidelines. All interested parties must apply for appropriate licenses in Singapore, including a standard payment institution license, a money exchange license and a master payment institution license.
According to the Bloomberg report of 17 February, one of the world's largest crypto exchanges has just done so. Binance, based in Malta but also with offices in cities throughout Asia, is seeking to expand its user base while maintaining compliance.
As crypto exchanges develop in new markets, local authorities are still trying to decide how to regulate them. The Payment Services Act is the first of its kind for Singapore to regulate crypto trading and digital payments.
