Singapore proposes regulatory framework for payment service providers including bitcoin

The Government of Singapore has proposed a new regulatory framework for payments providers, including digital currency exchanges dealing with bitcoin.

Under the proposal made by the Monetary Authority of Singapore, companies dealing in bitcoin would be required to obtain a license with “regulation [that] will be applied on an activity basis, and entities will only be required to apply for a single license to undertake several payment activities.”

The authority added that “The proposed framework aims to strengthen standards of consumer protection, anti-money laundering, and cyber security related to payment activities while facilitating innovation and system interoperability.”

According to Coindesk administration for the new laws would fall under a new council, the “National Payments Council” that would steer policy and coordinate with industry stakeholders with members of the council being drawn from both the public and private sector.

Bitcoin and related blockchain companies with offices in Singapore include CoinHako, BitX, Coinbase, and Quoine.

Smart nation

Singapore announced in 2015 that it wanted to become the world’s first smart nation that included a commitment to the Internet of Things and developing technologies.

“We are working to ‘dashboard’ the entire nation of Singapore, and to use a range of data to continuously improve

Read more ... source: TheBitcoinNews