29 Aug '16, 11am

Singapore Central Bank Proposes New Rules for Bitcoin Startups

Singapore Central Bank Proposes New Rules for Bitcoin Startups

The central bank of Singapore has proposed a new regulatory framework for payments providers in the city-state, a move that would bring digital currency exchanges under its oversight. The proposed framework would require applicable companies to obtain a license from the Monetary Authority of Singapore (MAS ), and divides payment activities into several categories. Digital currency exchanges would be covered by a provision overseeing startups that provide "money transmissions and conversion services". The MAS said: "The scope of currency conversion activities is intended to encompass the business of exchanging of currencies at a rate of exchange. In addition, it is likely that under the [Proposed Payments Framework], virtual currency intermediaries which buy, sell, or facilitate the exchange of virtual currencies, such as bitcoin, will also be considered to undertake [money...

Full article: http://www.coindesk.com/singapore-central-bank-proposes-n...

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