The Monetary Authority of Singapore recently announced a new regulation that aims to strengthen consumer protection and encourage the use of digital payment token services. The new regulation, the Payment Services Act, reportedly offers a new flexible regulatory framework and will attempt to bring all digital payment token services under the scope of current anti-money-laundering and counterterrorist-financing rules. Crypto businesses and exchanges based in Singapore will reportedly have a month to register with the Monetary Authority of Singapore and a six-month period to apply for the new payment institution license.
BCB Payments, a company that provides financial services for various cryptocurrency companies, was reportedly awarded an Authorized Payment Institution license by the U.K.'s Financial Conduct Authority earlier this week. With the new license, the firm hopes to attract more cryptocurrency clients in the U.K. and Switzerland.
Late last week, the World Economic Forum announced plans to develop a global consortium for digital currency governance. According to reports, the goal of the consortium is to develop inclusive and interoperable policy solutions to address the existing fragmented regulatory system. The consortium will seek to bring together key stakeholders to develop guiding principles for the public and private sectors as they incorporate the use of digital currencies.
For more information, please refer to the following links:
- Monetary Authority of Singapore: Payment Services Act Comes Into Force
- Singapore Announces New AML Rules for Crypto Businesses
- UK Financial Service Provider to Coinbase, Bitstamp Awarded FCA Payments License
- Swiss Company Gets Green Light to Incorporate for a Blockchain IPO
- Governing the Coin: World Economic Forum Announces Global Consortium for Digital Currency Governance
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