Singapore announces new FATF compliant AML rules for crypto businesses

posted 2 months ago
Singapore’s financial regulator is updating its digital payments framework. Singapore’s Payment Services Act 2019 (PSA) brings so-called Digital Payment Token (DPT) services – effectively covering all crypto businesses and exchanges based in Singapore – under current anti-money laundering (AML) and counter-terrorist-financing (CTF) rules.

As such, crypto businesses in Singapore are required to first register and then apply for a license to operate in the jurisdiction. When it comes to implementing crypto regulations, countries around the world are dancing to the beat of the latest Financial Action Task Force (FATF) recommendations.
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