Singapore has tightened regulations on cryptocurrency trading

PANews reported on July 1 that according to Xinhua News Agency, the Monetary Authority of Singapore issued a statement on June 30 to tighten regulatory measures on cryptocurrency transactions to curb financial crimes such as money laundering using cryptocurrency. The Monetary Authority of Singapore issued regulations last month that after June 30, digital token service providers that only serve overseas customers must obtain a license from the authority to continue operating in Singapore. If they do not have a license, they must close their trading platforms. On June 30, the authority issued a supplementary statement saying that it "has raised the threshold for issuing licenses and generally will not issue such licenses." The authority said in the statement: "The risk of money laundering in this type of business model is higher. If a large number of regulated activities (cryptocurrency service providers that only serve overseas customers) are conducted outside of Singapore, the Monetary Authority of Singapore cannot effectively supervise these people."