Singapore has introduced a new Payment Services Act that gives global cryptocurrency exchanges a chance to expand their operations. However, they must apply for operating licenses to provide their services in the country.
Speaking to Bloomberg, Sherry Goh, general manager for Luno Singapore hailed the development, declaring:
[The new law] provides regulatory certainty to industry players but, more importantly, it provides consumers with a clear sense of the players they can trust.
As per Bloomberg, Luno and Liquid Inc. plan to apply for operating licenses under the new regulatory framework. Singapore joins Malaysia in becoming the latest country in Southeast Asia to create a legal basis for crypto exchanges.
The move towards legalizing aspects of the crypto platforms comes as cryptocurrencies continue to gain popularity in Southeast Asia. Earlier in January, Malaysian regulators banned crypto Initial Coin Offerings (ICOs) while issuing regulations for initial exchange offerings (IEOs).
