Singapore Requires Foreign Crypto Companies To Obtain Licenses

Singapore did not want to be left behind, with practically every government adopting cryptocurrency. As a result, the region became increasingly interested in the sector and began to regulate it. Recently, the city-state imposed a license requirement, specifically for foreign crypto service providers.

Foreign crypto businesses doing business in the region would be obliged to obtain a license. Those who do not comply will be exempt from anti-money laundering and counter-terrorist financing regulations.

Singapore’s attitude toward cryptocurrency has been rather perplexing

The government seemed to be getting the hang of crypto, from officially endorsing it to now forbidding businesses from advertising it. Following this news, many assumed that this was the first step toward embracing cryptocurrency.

Even though the crypto-verse started out as an industry free from the shackles of centralized systems, it managed to veer into that category. As a multitude of people have been exploring crypto waters, governments have started heavily scrutinizing the industry.

One of the world’s largest cryptocurrency exchanges, Binance shut shop in several regions last year. Singapore happened to be one of them.

Isn’t it still a little too crypto-friendly?

Almost every platform in the world has integrated cryptocurrency into its infrastructure. DBS Bank, Singapore’s premier financial institution, was, on the other hand, going in a completely other way. DBS bank, like the Singaporean government, appeared befuddled.

The bank announced in February that it would begin offering crypto trading services to its retail clients by the end of 2022. The bank, on the other hand, has taken a step back by retracting the aforementioned plans. DBS’s retail clients will be unable to use its cryptocurrency trading services.

Furthermore, the bank blamed local financial regulators for being “rightfully concerned.”

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