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Singapore has unveiled a raft of tougher crypto exchange regulations as new licensing rules take effect, aimed at combating money laundering and enhancing market confidence.
The Monetary Authority of Singapore (MAS) announced the changes on Monday, which have far-reaching implications for all crypto firms operating in the city-state. According to sources, the regulations require crypto exchanges to hold licenses, including those that serve only foreign clients.
This move is seen as a significant development in the industry and a major step towards protecting investors from financial risks and enhancing market integrity. Industry experts believe that these changes will tighten controls on crypto platforms, leading to increased transparency and accountability.
The MAS had previously warned of its intentions to close a loophole allowing overseas-only services to operate without local oversight. Following intense pressure from regulators and lawmakers alike, the agency has finally implemented this new regulation.
As a result, some major players in the industry are reportedly considering relocating to other jurisdictions with more favorable regulatory frameworks, including Hong Kong or Dubai.
Source: usethebitcoin.com
