Cryptocurrency Q&A
What are Singapore's crypto requirements?
What are Singapore's crypto requirements?
Sebastiano
Thu Jul 18 2024
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7 answers
1822
Could you elaborate on the specific cryptocurrency requirements imposed by Singapore? I'm particularly interested in understanding the regulatory framework that governs the digital asset ecosystem in the country. What kind of licenses or permits are required for cryptocurrency exchanges and wallet providers to operate legally? Additionally, are there any specific tax regulations or anti-money laundering measures that crypto-related businesses need to adhere to? It would be great to gain a comprehensive understanding of the regulatory landscape in Singapore for those seeking to engage in cryptocurrency activities.
7 answers
SeoulStyle
Sat Jul 20 2024
Specifically, Singapore mandates that only 90% of clients' cryptocurrency holdings must be stored in digital wallets.
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KimchiQueenCharmingKiss
Sat Jul 20 2024
This contrasts with Hong Kong's more rigorous requirement of 98%.
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CryptoAlchemy
Sat Jul 20 2024
Furthermore, Singapore does not enforce the localization of cold wallets, unlike Hong Kong.
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Elena
Sat Jul 20 2024
Ang disclosed via email to CoinDesk that Singapore's regulations for cryptocurrency service providers align closely with those for traditional payment services.
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NebulaPulse
Sat Jul 20 2024
Notably, these regulations are not as stringent as those implemented in Hong Kong.
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