Singapore include bitcoin in their revised payment services regulations. It has been announced by the central bank of Singapore, the Monetary Authority that they will be going forward with revised regulations that concern a number of different retail payment services. This newly revised regulation is going to include provisions for cryptocurrency exchanges and bitcoin, all under the one form of legislation.
This announcement was made on Tuesday and this will be the 2nd iteration of the Payment Services Bill, which is a network that proposes to streamline under a single piece of legislation all of the main payment services.
It is notable as it will bring cryptocurrencies under a regulatory purview, which had not been done before.
Being the regulator of these payment services, the Monetary Authority of Singapore overlook and regulate money laundering and any risks associated with terrorist financing in addition to of course safeguarding the funds of the consumer.
This means that when this legislation is put into practice, all types of payment firms, which include crypto exchanges, will have to according to law hold only a single license that falls under this new regulatory framework.
This new framework expands on the existing legislation by including the likes of money transfers made domestically, the buying and selling of virtual currencies and even general merchant acquisitions.
This is all put in place with the goal of ensuring that the regulatory regime in Singapore is ready for the future, in particular with having a secure e-payment system. This is a ground-breaking form of legislation for the region and it will address new risks and challenges that are faced in this day and age. Both merchants and consumers alike will be protected and there will be a stable and reputable environment in which payment services can be completed.
There is currently an open forum for public feedback on this new legislation that will remain open until the 8th of January 2018, so it gives a chance for those affected by these changes to give their opinions on the matter.
It is a positive move for those involved in digital currencies in Singapore, a sit was only last week that the biggest bank in Singapore, DBS, which is state-owned called bitcoin and other digital currencies as being a Ponzi scheme.
However, the chief of the central bank stepped in to say that if the technology behind bitcoin is adapted in a variety of business environments rather than people solely looking at whether the price of the digital currency is going up or down, there is most certainly a place for bitcoin and other digital currencies in Singapore.
The likes of cross-border payments using the blockchain technology could open up a huge amount of innovation and improvement in both the Singapore economy and the global economy as a whole.
It is encouraging seeing regulations put in place on a government level when it comes to digital currencies as it shows that they are here to stay in the region and that there will be no ban or curtailment of the use of bitcoin and the likes.
