Singapore's new bill allows global crypto companies to expand business locally in Singapore

Singapore has introduced a new payment legislation bill that provides global cryptocurrency companies with an opportunity to expand their business in the country by first applying for an operating permit. The Payment Services Act, which will take effect on Tuesday, is the first comprehensive regulatory requirement for businesses engaged in activities ranging from digital payments to token transactions such as Bitcoin and Ethereum (ETH). In addition to including crypto companies under the supervision, the law will also give the Singapore Monetary Authority (MAS) formal supervisory powers, monitor cybersecurity risks, and control money laundering and terrorist financing. The Singapore Monetary Authority said in an emailed release on Tuesday that the new law will strengthen consumer protection and boost confidence in the use of electronic payments. Loo Siew Yee, Assistant Managing Director of the HKMA, said: "The activity-based and risk-centric regulatory framework allows us to apply the rules proportionally and maintain robustness to the changing business model.