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Nov. 20, 2018

The Monetary Authority of Singapore (MAS), the country’s central bank, announced that it has finalized the new regulatory framework for payment services which includes cryptocurrency, according to the report of local news media Straits Times.

It was also stated that all cryptocurrency payment service providers which were not included in the current regulatory framework, will need to be licensed under the new regime in order to provide their services within the country

All payment service providers willing to receive a license will have to choose between applying as a money-changer, a standard payment institution, or a major payment institution. The former two will be regulated primarily for money laundering and terrorism financing risks while the latter more comprehensively.

Earlier it was reported that the Mon­e­tary Au­thor­ity of Sin­ga­pore (MAS) and Sin­ga­pore Ex­change (SGX) have an­nounced the suc­cess­ful de­vel­op­ment of De­liv­ery ver­sus Pay­ment (DvP) ca­pa­bil­i­ties for the set­tle­ment of to­k­enized as­sets across dif­fer­ent blockchain plat­forms.

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