Singapore’s central bank gets more powers to regulate virtual asset service providers

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New laws empower Singapore’s central bank to prevent cryptocurrency platforms from being used to launder money and finance terrorism. It will mean new licensing and inspections on Singapore-based virtual asset service providers. People from the finance sector who were involved in fraud or misconduct can also be barred from a wider range of roles or activities, including digital payment tokens. Minister of State for Trade and Industry Alvin Tan said the record will remain on the Monetary Authority of Singapore’s web page for at least five years, or when the prohibition order expires.

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