Singapore tightens crypto regulations again

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Singapore today passed a law requiring virtual asset service providers to be licensed if they do business overseas. 

The new law is the effort of Monetary Authority of Singapore (MAS) to ensure that the agency has full supervisory authority over service providers. 

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Law aimed at monitoring crypto companies to avoid money laundering , and terrorist financing.

“Cryptocurrency companies located in Singapore but not providing any services in Singapore are currently not subject to AML/CFT oversight.” Alvin Tan, MAS board member said .

“Furthermore, these companies can claim to be headquartered here to take advantage of Singapore's global reputation.” he added. “This creates a reputational risk for Singapore.”

MAS in January issued instructions prohibits advertising of cryptocurrency services to the general public, this is an attempt to discourage retail investors from trading cryptocurrencies. 

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