According to Singapore prime minister yesterday “Singaporean laws do not make any distinction between transactions involving fiat currencies and cryptocurrencies like bitcoin under money laundering and counter-terrorism financing laws”
He was speaking at a parliamentary session on Monday when he was asked by MP Foo Mee Har about how authorities could enforce anti-money laundering laws and counter-financing of terrorism (AML/CFT) laws on cryptocurrency transactions with a specific focus on bitcoin.
What are the ‘levers’ available, she asked, to the Monetary Authority of Singapore (MAS) and law enforcement agencies to enforce AML/CFL financing laws for bitcoin transactions where conventional regulatory oversight of traditional markets do not apply.
His response was:
“When it comes to money laundering or terrorism financing, Singapore’s laws do not make any distinction between transactions effected using fiat currency, virtual currency or other novel ways of transmitting value… Hence, MAS’ AML/CFT requirements apply to all activities of financial institutions, whether conducted in fiat or virtual currencies.”
After issuing a recent caution to investors trading in cryptocurrencies, Singapore’s central bank is going ahead with regulation that will bring a number of retail payment services, including bitcoin and cryptocurrency exchanges, under the singular regulation of its Payment Services Bill. Under the regulatory framework, all payment services will be overseen in a single legislation wherein the authority will have oversight into cryptocurrency exchanges and bitcoin trading platforms. The second public consultation of framework came to an end on Monday.
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