Foreign Regulators Issue New Regulations And Licenses, WEF Launches Consortium

The Monetary Authority of Singapore recently announced a new regulation that aims to strengthen consumer protection and encourage the use of digital payment token services. The new regulation, the Payment Services Act, reportedly offers a new flexible regulatory framework and will attempt to bring all digital payment token services under the scope of current anti-money-laundering and counterterrorist-financing rules. Crypto businesses and exchanges based in Singapore will reportedly have a month to register with the Monetary Authority of Singapore and a six-month period to apply for the new payment institution license.

BCB Payments, a company that provides financial services for various cryptocurrency companies, was reportedly awarded an Authorized Payment Institution license by the U.K.'s Financial Conduct Authority earlier this week. With the new license, the firm hopes to attract more cryptocurrency clients in the U.K. and Switzerland.