FX.co ★ Singapore introduces cryptocurrency regulations

Singapore opens new opportunities for international cryptocurrency companies. The new payment law is expected to issue a license, promote legal development of the crypto business as well as to strengthen consumer protection. The Monetary Authority of Singapore will have supervisory authority over the activity of crypto firms. The regulator will assess potential risks as well as suppress money laundering and financing of terrorism using virtual currency. Cryptocurrency exchanges such as Liquid Group in Tokyo, LUNO in London, and BiKi in Singapore are at the head of the queue for the license. "We welcome the Act with open arms," said Liquid's CEO Mike Kayamori. According to the monetary institution, the regulatory structure will allow rules to be applied effectively and to be robust to changing business models. Under the new law, all cryptocurrency companies should be registered within a month and licensed within six months. At the end of last year, the Monetary Authority of Singapore announced that it was considering the possibility of admitting cryptocurrency derivatives to the regulated trading platforms. The regulatory authorities resorted to such measures amid increasing interest of global central banks to digital assets.