In a bold move in August 20201, the MAS told “several” digital payment service providers that they will be granted licenses to operate in Singapore.  Almost guaranteeing its position as a leader in Crypto currency in Asia and possibly the world.

Singapore has long been a place where institutions and individuals are attracted to because of its Laws to protect assets and its world class infrastructure in technology and well-trained work force abled to provide expertise in many different areas.

The move by the central government comes as no surprise to many as it has always been one of the world’s top financial centers who is always ready to experiment to stay ahead and current. 

Whilst there has been a conscious focus in not allowing the Island to become a place where money laundering or tax evasion is prevalent. It has put into legislative and tariff structure that adheres to international standards and practices.  Boldly opening new frontiers for companies and individuals to operate both safely and legally.

Navigating Singapore’s myriad of new policies should not be taken lightly as it involves many green fields legislation such as KYC, traceability, adherence to international accounting laws and cross borders transfers of assets.