Singapore Enacts Licencing Requirements for Crypto Custody Services and Others
Summary
Singapore's Monetary Authority has expanded its regulation of cryptocurrency-related activities to include custodial services and cross-border money transfers. Amendments to the Payment Services Act impose user protection and financial stability requirements on cryptocurrency service providers, such as segregating customers' assets and maintaining proper records. Entities conducting crypto-related activities must start a transition process within 30 days and submit a license application within six months from April 4, 2024. Non-compliance will result in cessation of activities. These changes aim to provide regulatory clarity and enhance oversight in the crypto ecosystem.
