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Singapore Passes Law to Tighten Rules for Crypto Providers

Singapore has approved a law that will tighten rules for cryptocurrency providers in the latest sign of its tentative embrace of the industry. 

The new legislation will require virtual asset service providers in the city-state which only do business overseas to be licensed. Currently, such firms are not regulated for anti-money laundering and countering the financing of terrorism. The law was passed in parliament on Tuesday.