will get a new crypto license in Singapore

Cryptocurrency exchange Changecoins has applied for a license to operate in Singapore under the new law on payment services.

The law on payment services came into force last month. It introduced comprehensive rules for companies engaged in digital payments and cryptocurrency trading for the first time.

In addition to introducing digital assets into the legal field, the law officially transferred control over countering money laundering and terrorist financing to the Monetary authority of Singapore (MAS). In addition, MAS has become the Supervisory authority for cybersecurity risks.

The operator of the Tokyo liquid exchange and the provider of the bitcoin wallet and exchange Luno from the UK also announced plans to apply for a license.

Crypto-Fiat platform in Singapore, she started full-fledged work in July last year. The strategic partner of Changecoins Singapore was the venture capital division of the state investment holding Temasek Holdings.

Recall that Singapore is considering the possibility of listing and turnover of cryptocurrency derivatives on regulated exchanges.