Singapore Parliament Passes Law to Tighten Crypto Rules
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The Singaporean Parliament has green-lighted on Tuesday a law that will reportedly tighten rules for domestic cryptocurrency providers. According to Bloomberg, the new legislation will require service providers in Singapore that only do business overseas to be licensed. This is because they are currently not regulated under anti-money laundering or counter-terrorism rulings.
The law empowers the Monetary Authority of Singapore to prohibit individuals who are deemed unfit from performing vital roles, activities and functions in the financial sector. Such individuals will now include payment processors and risk managers. In addition, financial institutions can be fined up to S$1 million ($737,050) if they experience cyberattacks or their services are disrupted.
While other countries such as China have banned cryptocurrency outright, the city-state is welcoming cryptocurrency technology and has created a framework for regulating the industry. Additionally, it doesn’t want citizens to be burned by speculation, so it is picky about who gets in.
Recent Licenses Granted
Last month, the digital asset services provider, Sygnum Singapore announced that it has gained in-principle approval from the Monetary Authority of Singapore to conduct additional activities under its Capital Markets Services (CMS) license.
Moreover, Paxos, a cryptocurrency trading and custody platform, announced that it had received in-principal approval from the Monetary Authority of Singapore for a license under the Payment Services Act 2019.
This new MAS license will allow Paxos to offer its digital asset and blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term products and services to customers based in Singapore. In addition, it will help the blockchain company to support its partners in expanding services in the Asian markets. Based in New York, Paxos has had a Singapore presence since 2012. The company is following a strategy of seeking a regulatory license in strategic jurisdictions to strengthen its services.
The Singaporean Parliament has green-lighted on Tuesday a law that will reportedly tighten rules for domestic cryptocurrency providers. According to Bloomberg, the new legislation will require service providers in Singapore that only do business overseas to be licensed. This is because they are currently not regulated under anti-money laundering or counter-terrorism rulings.
The law empowers the Monetary Authority of Singapore to prohibit individuals who are deemed unfit from performing vital roles, activities and functions in the financial sector. Such individuals will now include payment processors and risk managers. In addition, financial institutions can be fined up to S$1 million ($737,050) if they experience cyberattacks or their services are disrupted.
While other countries such as China have banned cryptocurrency outright, the city-state is welcoming cryptocurrency technology and has created a framework for regulating the industry. Additionally, it doesn’t want citizens to be burned by speculation, so it is picky about who gets in.
Recent Licenses Granted
Last month, the digital asset services provider, Sygnum Singapore announced that it has gained in-principle approval from the Monetary Authority of Singapore to conduct additional activities under its Capital Markets Services (CMS) license.
Moreover, Paxos, a cryptocurrency trading and custody platform, announced that it had received in-principal approval from the Monetary Authority of Singapore for a license under the Payment Services Act 2019.
This new MAS license will allow Paxos to offer its digital asset and blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term products and services to customers based in Singapore. In addition, it will help the blockchain company to support its partners in expanding services in the Asian markets. Based in New York, Paxos has had a Singapore presence since 2012. The company is following a strategy of seeking a regulatory license in strategic jurisdictions to strengthen its services.
Cryptocurrency
