Singapore introduces licenses for Kryptos, such as Bitcoin

The nights Asian country regulates the trading with crypto-currencies, and other services in the industry. Three different licenses are there now.

Greater security for consumers, more effort for service providers

The next country has endschieden to change the conditions of uncertainty for investors who buy tokens, like Bitcoin and trade. Since the day yesterday with a compulsory licensing applies in Singapore for companies who wish to provide cryptographic services. The new law is the result of the long-term plans of the “Payment Services Act”, which in turn were prepared by the state Central Bank. Said Monetary Authority of Singapore (MAS) does not introduce the mandatory application of a crypto license just for local companies, service providers from abroad have to make a request. The 28.01.2020 is an important date for different groups.

Singapore follows a number of other countries in the world

On the one hand, the protection of consumers in the country should be improved by the corrected legal orientation. For companies, the services on the Basis of the Blockchain have to offer – from crypto trading to custody in Wallets – in turn, this means higher barriers to entry in the market of the country. The introduction of the PS Act will, therefore, be quite serious. In addition to the licensing, the law also requires a registration with the MAS. With the Zuel stricter and more transparent regulation in Singapore follows, in the end, an international Trend. Not only Germany is working with its Blockchain strategy to a viable future solution. The competent regulatory authority has to say, as immediately all services from the direct purchase of digital currencies, such as the Dash or Monero up to the derivative trade, the literally last word.

Different industry sectors apply for different licenses

The supervision itself speaks about the introduction of the revised legislation, of a “more robust and far-reaching regulatory” than in the past. In total, the authority introduces three different license classes, each relating to different services. In addition to a “standard license” is a license for large crypto-service providers, as well as a license for the ‘ currency exchange in connection with crypto-currencies like Ethereum or of course Bitcoin. Through the outline of the country wants to be able to respond flexibly to the needs and, in particular, the risks of the market. Payments, barter, trade, and development of new tokens fall under the new law. The fight against money laundering and the financing of international terrorism, also in the centre of the development.