The financial authority in Singapore announces that unlicensed encryption companies operate abroad after June 30 will stop.
the Monetary Authority in Singapore (MAS) I mentioned that local encryption providers, who submit digital codes abroad, It will be stopped under Financial Services and Markets Law for the year 2022 (FSM Law).
Singapore imposes strict regulations for unlicensed sheet providers
MAS stated that any entity provides digital codes abroad must stop operating or get a Digital code service (DTSP) A license when it comes into effect at the end of the month.
MAS stressed that a grace period will not be provided to local sheet presidency as they will have enough time to obtain a license. Officials confirmed that MAS will reinforce her monitoring You will achieve any suspicious activity designed to evade the regulations.
For individuals- this license condition also applies to individuals who work independently in Crypto Square, depending on their role, whether their work is performed from Singapore.
The only exceptions are licensed or exempted companies under the current laws (such as the Securities Law and Futures, the Financial Advisers Law, or the Payment Services Law) is free from this commitment.
What is the responsibility of Singaporean companies? Innovation and consumer protection
Central Bank in Singapore Declare–
“This approach attracts the balance between promoting innovation and consumer protection.” It aims to strengthen a safe and transparent encryption system.
- While officials oversee protection, companies will be required Holding at least $ 185,000 In the basic capital
- Fresh due care is required for customers
- Compliance with the FATF travel base and technology risk standards in Singapore
What is the result of non -compliance? A punishment for violators
Under Article 137 of the FSM Law, it is necessary for all entities that work from Singapore to obtain a license to continue their legal work. Organizations that do not correspond to this law will be subject to a fine of $ 250,000 Singapore ($ 200,000) and imprisonment for up to three years.
conclusion
So far, MAS has released 33 numbered forms, including Coinbase and Anchorage. This approach will solve the problems of money laundering risk and terrorist financing risk. This is the final step from Singapore to ensure AML/ CFT compliance.
