What are the legal requirements for operating a cryptocurrency exchange in Singapore?

3 answers

• justanicoleNov 14, 2021 · 4 years ago
  Operating a cryptocurrency exchange in Singapore requires compliance with several legal requirements. Firstly, you need to register your business with the Accounting and Corporate Regulatory Authority (ACRA) and obtain a valid business license. Additionally, you must comply with the Payment Services Act (PSA) and obtain a license from the Monetary Authority of Singapore (MAS) if you are providing digital payment token services. It is also crucial to implement robust anti-money laundering (AML) and know-your-customer (KYC) procedures to prevent illicit activities on your platform. Finally, you should consult with legal experts to ensure full compliance with all relevant laws and regulations.
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• businessem9aildataJun 04, 2024 · a year ago
  To operate a cryptocurrency exchange in Singapore, you must navigate through a maze of legal requirements. The first step is to register your business with ACRA and obtain the necessary licenses. The Payment Services Act is another crucial aspect to consider, as it regulates digital payment token services. Compliance with AML and KYC procedures is also mandatory to prevent money laundering and illicit activities. It's important to seek legal advice to ensure you meet all the legal requirements and maintain a reputable and compliant cryptocurrency exchange.
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• AluxBikolMay 07, 2024 · a year ago
  Operating a cryptocurrency exchange in Singapore involves complying with various legal requirements. Firstly, you need to register your business with ACRA and obtain the necessary licenses. The Payment Services Act is a key legislation that you must adhere to, especially if you provide digital payment token services. Implementing robust AML and KYC procedures is essential to prevent illegal activities. It's advisable to consult legal professionals who specialize in cryptocurrency regulations to ensure you meet all the legal requirements and operate your exchange smoothly.
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