Singapore seems to aim to challenge Japan’s dominant position in the region when it comes to cryptocurrency exchanges and cryptocurrency popularity. On Tuesday the country adopted new legislation, called The Payment Services Act, which will allow global cryptocurrency companies to work in the Singaporean jurisdiction if they apply for a proper license. This legislation is considered to be the first step toward regulating all business dealing in digital payments or cryptocurrencies. It will officially allow the Monetary Authority of Singapore to supervise the cryptocurrency sector for money laundering, cyber security risks and terrorism financing. Cryptocurrency exchanges based in Japan are already planning to apply for a new Singaporean license too.
I think this is great news. Legalization and proper oversight will push cryptocurrencies in the mainstream. If only more jurisdiction would adopt that attitude.