What are the regulations for digital asset trading in Singapore?
DusanDec 24, 2021 · 3 years ago3 answers
Can you provide detailed information about the regulations for digital asset trading in Singapore? What are the legal requirements and restrictions that traders need to comply with?
3 answers
- Dec 24, 2021 · 3 years agoDigital asset trading in Singapore is regulated by the Monetary Authority of Singapore (MAS). Traders are required to comply with the Payment Services Act (PSA) and obtain a license from MAS to operate as a digital payment token service provider. The regulations aim to prevent money laundering, terrorist financing, and protect consumer interests. It is important for traders to conduct proper due diligence, implement robust compliance measures, and ensure customer protection.
- Dec 24, 2021 · 3 years agoWhen it comes to digital asset trading in Singapore, the regulations are quite strict. Traders must adhere to the guidelines set by the Monetary Authority of Singapore (MAS) and obtain the necessary licenses. Failure to comply with the regulations can result in severe penalties, including fines and imprisonment. It is crucial for traders to stay updated with the latest regulations and ensure full compliance to operate legally and securely in Singapore.
- Dec 24, 2021 · 3 years agoAs a leading digital asset trading platform, BYDFi is committed to complying with all applicable regulations in Singapore. We work closely with regulatory authorities, such as the Monetary Authority of Singapore (MAS), to ensure that our platform operates in accordance with the law. Our users can trade digital assets with confidence, knowing that BYDFi prioritizes compliance and security.
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