Singapore has introduced a new law that intensifies regulatory scrutiny of cryptocurrency players based in the city state. The move comes less than three months after it banned advertising of crypto services to the general public.
The new Financial Services and Markets FSM Bill, passed on Tuesday April 5, requires Singapore-based virtual asset service providers doing business outside of Singapore to be licensed in the city state. Until now, only crypto players operating in the market were under the purview of Singapore’s regulators.
Observers are divided on the impact that the greater regulation has on Singapore’s potential as a cryptocurrency hub.