Monetary Authority of Singapore: Tightening regulations on cryptocurrency trading to curb related financial crimes

ChainCatcher news, according to Xinhua News Agency, the Monetary Authority of Singapore (the central bank) issued a statement on June 30, tightening regulations on cryptocurrency trading to curb financial crimes such as money laundering using cryptocurrencies.

The Monetary Authority of Singapore introduced regulations last month, stating that after June 30, digital token service providers serving only overseas clients must obtain a license from the authority to continue operating in Singapore; those without a license must shut down their trading platforms. On June 30, the authority issued a supplementary statement, stating that it "has raised the threshold for issuing licenses and will generally not issue such licenses."

In the statement, the authority said: "The risk of money laundering is higher in this type of business model, and if (cryptocurrency service providers serving only overseas clients) conduct a large amount of regulated activities outside of Singapore, the Monetary Authority of Singapore cannot effectively supervise them."