Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc), compiled by: Wendy, released with permission.

Editor's Note: This article comes from

Babbitt Information (ID: bitcoin8btc)

Babbitt Information (ID: bitcoin8btc)

, compiled by: Wendy, released with permission.

Singapore has introduced new payments legislation, offering for the first time global cryptocurrency firms the opportunity to apply for an operating license to conduct their business in the country.

The Payment Services Act, which came into effect today, is the first comprehensive regulation for businesses engaging in activities ranging from trading digital payment tokens such as bitcoin and ethereum. In addition to bringing cryptocurrency companies under regulation, the law will give the Monetary Authority of Singapore (MAS) formal regulatory powers to oversee cybersecurity risks and control money laundering and terrorism financing."The move narrowed the gap with Japan. Japan is currently a major cryptocurrency trading hub in Asia, with 22 exchanges receiving trading licenses in the country since 2017. The growing interest of global investors in digital tokens has prompted multiple regulators to scrutinize related platforms, especially for money laundering and other illegal activities."Nizam Ismail, founder and chief executive of consultancy Ethikom Consultancy, said the main advantage of Singapore's new regulations is that it provides clarity on "emerging and innovative" types of payment activities such as e-wallets and cryptocurrency transactions. Regulation.

Tokyo-based crypto exchange operator Liquid Group Inc. and London-based Luno, which already operates in Singapore, are among those planning to apply for the license. "We very much welcome this move," said Liquid CEO Mike Kayamori. The company will apply through its local subsidiary, Quoine Pte.

Luno's Singapore managing director Sherry Goh said the bill

Provides regulatory certainty to industry players, but more importantly, it gives consumers a clear idea of ​​a platform they can trust.

Luno received a license to operate in Malaysia last year.