7 Best Crypto Exchanges in Singapore (2024) – Crypto News – Crypto News
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7 Best Crypto Exchanges in Singapore (2024) – Crypto News

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2 years ago

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The Monetary Authority of Singapore, also known as MAS, is an authority that regulates crypto trading, as crypto exchange is legal and authorized in Singapore. The Monetary Authority of Singapore is a central bank as well as a financial regulator in the country, setting guidelines for cryptocurrency exchanges. This allows the digital assets to be traded in a safe and consistent environment, ensuring the investor’s safety.

It is necessary to employ KYC (Know Your Customer) along with AML (Anti-Money Laundering) procedures in Singapore for compliance with the MAS regulations. These procedures make sure that all the investors are identified and verified properly and that their transactions, like deposits and withdrawals of these digital currencies, can be monitored to prevent fraud and illicit activities like money laundering.

The MAS provides you with the following risk warning as a consumer of a digital payment token:

  • Ensure the provider of your Digital Payment Tokens has a license that MAS has authorized.
  • Only if you are comfortable using this Digital Payment Token method, app, or technology can you transfer money from your bank account to this provider.
  • As the value of your Digital Payment Token is prone to significant fluctuations, you should also be ready to assume the risk of losing everything you have invested.
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