The entire globe has been riding the crypto wave. With almost every government embracing crypto, Singapore did not want to be left behind. As a result, the region was taking a keen interest in the industry and regulating it. More recently, the city-state mandated the need for a license, particularly for overseas crypto service providers.
According to a bill voted by the parliament earlier today, foreign crypto businesses doing business in the region would be obliged to obtain a license. Those who do not comply will be exempt from anti-money laundering and counter-terrorist financing regulations.
Singapore’s attitude toward cryptocurrency has been rather perplexing. The government seemed to be getting the hang of crypto, from officially endorsing it to now forbidding businesses from advertising it. Following this news, many assumed that this was the first step toward embracing cryptocurrency.
Even though the crypto-verse started out as an industry free from the shackles of centralized systems, it managed to veer into that category. As a multitude of people have been exploring crypto waters, governments have started heavily scrutinizing the industry.
One of the world’s largest cryptocurrency exchanges, Binance shut shop in several regions last year. Singapore happened to be one of them.
Not so crypto-friendly yet?
Almost every platform across the world has been onboarding crypto into its system. Singapore’s leading financial institute DBS Bank, however, was taking a whole new direction. Similar to the Singaporean government, DBS bank seemed to be confused.
Back in February, the bank affirmed that it would offer its crypto trading services to its retail clients by the end of 2022. However now, the bank went several steps back by withdrawing its plans aforementioned plans. DBS’s retail clients will be restrained from employing its crypto trading services.
Additionally, the bank went on to blame local financial regulators that are “rightfully concerned.”