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Singapore tightens domestic cryptocurrency institutions

Singapore’s parliament passed legislation on Tuesday requiring crypto businesses that are based in the city-state but only do business overseas to be licensed.

Currently, domestic cryptocurrency institutions are not regulated to combat money laundering and terrorist financing and as such, the move is intended to tighten the rules for crypto vendors. .

Singapore is tightening its welcome to Web 3 companies while issuing guidelines to restrict crypto advertising in public spaces and media.

The new rule is part of the Financial Services and Markets Bill. The bill includes the imposition of new penalties of up to S$1 million ($737,050) to financial institutions if they experience cyberattacks or their services are disrupted.

The bill gives greater authority to the Monetary Authority of Singapore to ban individuals deemed incompetent from performing key roles, activities and functions in the financial industry.