Just-In: Singapore Passes Law to Tighten Rules for Crypto Providers

Singapore Parliament has passed the Financial Services and Markets Bill on Tuesday, requiring virtual asset services providers, which do business overseas, to be licensed. The Monetary Authority of Singapore (MAS) under the new law will regulate virtual asset services providers created in Singapore but do not provide their services in the country. Under the law, virtual assets include digital payment tokens, cryptocurrencies, and digital representations of capital markets products.