Singapore: New measures against terror financing, money laundering

Measures to better counter money laundering and terrorism financing were approved yesterday, under changes to the law that regulates virtual payment service providers.

These changes will also strengthen laws governing digital payment tokens (DPTs) to ensure that companies issuing such tokens protect the assets of their users, said Transport Minister Ong Ye Kung, who is a Monetary Authority of Singapore (MAS) board member.

Parliament passed the Payment Services (Amendment) Bill yesterday, following a roughly two-hour debate that saw 10 MPs taking part.

Under the changes, Singapore will implement enhanced standards for virtual asset service providers who deal in DPTs, otherwise known as cryptocurrencies.

Cryptocurrencies have been gaining popularity internationally since the introduction of the first one, bitcoin, in 2009. Over the past weekend, it was reported that bitcoin saw its price pass US$30,000 for the first time, based on data compiled by Bloomberg news agency.

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