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Singapore tightens government control of virtual payment service providers as global cryptocurrency uptake increases

Singapore

By Vish Gain for AMLi

SINGAPORE HAS TIGHTENED its control over virtual payment service providers operating in the country to counter money laundering and terrorism financing risks.

In a bill passed Monday, the government decided to implement enhanced standards for virtual asset service providers who deal in digital payment tokens, otherwise known as cryptocurrencies, to ensure companies that issue them protect their users’ assets.

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