Singapore is implementing new strict rules for cryptocurrency trading, targeting firms that operate solely overseas to combat financial crimes.
New Licensing Rules for Crypto Firms
The Monetary Authority of Singapore (MAS) has announced stringent regulations for digital token service providers (DTSP), specifically focusing on companies serving only overseas clients. These firms are now required to obtain a license from MAS or cease operations in Singapore. This move is attributed to high risks of money laundering identified as a primary concern behind these new licensing requirements.
Market Response to Regulatory Changes
Discussions among experts and market participants underline the importance of adopting strict measures to maintain Singapore's financial integrity. Experts from Chainalysis, including Chengyi Ong, emphasized that 'financial integrity is a red line.' These measures also reflect a global trend towards tightening controls over cryptocurrency transactions.
Current Bitcoin Price Situation
Currently, Bitcoin (BTC) is trading at $106,181.78, with a market capitalization of $2.11 trillion and a market dominance of 64.57%. Over the last 24 hours, Bitcoin has decreased by 1.42%, but it has risen by 22.06% over the past 90 days. The current trading volume over the last 24 hours is $43.07 billion.
The tightening of regulations in Singapore may significantly impact the cryptocurrency market, especially in light of global changes in approaches to monitoring crypto transactions. This may prompt other countries to reconsider their regulatory frameworks.
