Singapore tightens crypto regulation

Cryptocurrency firms based in Singapore must now be licensed in the city state, even if they have no local operations.

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.


¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 1 article per month from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Share our publication on social media
Share our publication on social media