CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Crypto News » Singapore Passes Stricter Law for Crypto Businesses: Report

Singapore Passes Stricter Law for Crypto Businesses: Report

Author: Chayanika Deka

Last Updated Apr 5, 2022 @ 10:07

Singapore Parliament passed a law that states only virtual asset service providers based in the city-state but operating overseas will be required to obtain a license.

Getting your audio player ready...

Singapore’s new crypto law requires crypto businesses based in the city-state operating on foreign soil to comply with anti-money laundering and anti-terrorism measures.

  • According to the latest report by Bloomberg, the Singapore parliament passed the law on Tuesday, a part of the Financial Services and Markets Bill. It states that domestic virtual asset service providers operating overseas will be required to obtain a license.
  • So far, such platforms are not regulated for anti-money laundering and countering the financing of terrorism. The move demonstrates that the city-state is stiffening rules for cryptocurrency providers by providing more power to the Monetary Authority of Singapore.
  • As such, the MAS holds the power to prohibit individuals deemed not suitable for performing key roles, activities, and functions in the financial industry. These will encompass those offering payment services and conducting risk management.
  • The bill voted by the Parliament also includes a maximum penalty of S$1 million (or $737,050) on financial institutions if they face cyberattacks or their services are hampered.
  • The move comes on the heels of Singaporean multinational banking and financial services corporation – DBS Bank – announcing that it would not extend its crypto trading services to retail customers anytime soon. The bank withdrew its initial plans citing the regulatory hurdles to enabling digital asset services in the retail sector.
  • The MAS previously clarified that it does not have any intentions to prohibit Bitcoin and other cryptocurrencies even as some countries, including China, have opted for a blanket ban.
  • Despite choosing the regulating route, the city-state’s central bank issued guidelines to discourage virtual asset service providers from promoting and advertising cryptocurrencies as it believes engaging with the asset class is highly risky and unsuitable for every investor.
  • As far as NFTs are concerned, Singapore has taken a tech-neutral stance. As reported earlier, Finance Minister Lawrence Wong revealed that the prevailing income tax rules will apply to the income derived from NFT transactions or trading in it.
  • However, since Singapore does not have provisions for a capital tax regime, users generating capital gains from the NFT transactions will not be taxable.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Tags: Regulations Singapore
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Chayanika Deka
More posts by this author

Chayanika has been working as a financial journalist for six years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact:Linkedin

Join Our Community

FacebookX YouTubeTelegram


Editorials
10 Best Meme Coins to Watch in June 2025

10 Best Meme Coins to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in June 2025

11 Best Crypto Presales to Consider in June 2025

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

The 5 Best Bitcoin Mining Pools in 2025: Complete Guide

The 5 Best Bitcoin Mining Pools in 2025: Complete Guide

Join Our Newsletter
Become a CryptoPotato VIP
One Weekly Email Can Change Your Crypto Life.
Sign-up FREE to receive our extended weekly market update and coin analysis report
We NEVER send spam. You can unsubscribe at any time.
Invalid email address
Thanks for subscribing!
Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top
One Daily Email Can Change Your Crypto Life.

Sign-up FREE to receive our extended daily market update and coin analysis report

We never send SPAM. You can unsubscribe at any moment
Invalid email address
Thanks for subscribing!