The current digital asset market continues to grow. As
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As a result, many countries turned to watch and control these activities more tightly. meanwhile Singapore, one of the world's financial centers It is seeing an opportunity to take over the market and become a digital asset hub.
The Financial Times reports that the “independent” Australian digital currency exchange has received an IPA letter from the Monetary Authority of Singapore (MAS) to officially provide digital token payment (DPT) services in Singapore. Out of approximately 170 licensed companies such as "Binance" and "Gemini".
Tharman Chanmugaratnam A senior minister and chairman of the MAS said more service providers were now in the final stages of the review process. Applicants for approval must be thoroughly reviewed. and is under continuous supervision of MAS
Approval of digital asset exchange operators can be carried out appropriately. It complies with the Singapore Payment Services Act issued in 2019 to support new investments and investor protection. As well as examining the digital asset market from sources of money laundering, fraud or terrorist financing. including technology risk control
Raks Sonthi, Managing Director of Independent Reserve Singapore, said MAS wants Singapore to be a hub. For the blockchain ecosystem contributing to the global digital asset industry. “Now all eyes are on Singapore. and improve the rules of the country.”
According to the “Independence Reserve Cryptocurrency Index Singapore 2021” report, 43% of Singaporeans currently own digital assets.
Factors contributing to the growing confidence of Singaporeans in cryptocurrencies include clearer forex trading rules and tax systems. After the unlocking of the official regulations of Singapore