Singapore Widens Crypto Rules to Cover Custody, More Transfers
- City-state aims to develop tightly regulated digital-asset hub
- Latest steps seek to protect users and curb illicit activity
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Singapore expanded the scope of its digital-asset rules to cover the custody of tokens as well as more firms involved in fund transfers, part of the city-state’s effort to develop an institutional hub for the industry.
The changes to the Payment Services Act take effect in stages from April 4 and seek “to impose user protection and financial stability-related requirements,” the Monetary Authority of Singapore said in a statement on Tuesday.