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Alleged unlicensed Bitcoin distributor is the first Singaporean to be charged under new law

June 23, 2020

A 23 year old Singaporean of unlicensed Bitcoin (BTC) traffic will be the first person to be charged under the State Payment Services Act.

On June 23, the Singapore police said the womanwhose identity has not been revealed, had provided an unlicensed digital payment token service. It is believed that he has received at least 13 fraudulent money transfersfor a total of 3,350 SGD (~ 2,400 USD), with which he then bought Bitcoin.

Money is believed to be the proceeds of victims of online fraud. The police claim that the fraudulent transactions were “in order of an unknown person” in exchange for a commission.

Singapore’s regulatory framework for cryptocurrencies

Alleged unlicensed Bitcoin distributor is the first Singaporean to be charged under new lawAlleged unlicensed Bitcoin distributor is the first Singaporean to be charged under new law

As reported The Singapore Payment Services Act came into force on January 28, 2020 and regulates payments in cryptocurrencies and trading companies under certain aspects of the state regulatory system. for traditional payment services.

Introducedamongst other things Multiple registration and licensing requirements for industrial and commercial companies.

Unlike the United States The Monetary Authority of Singapore makes no distinction between the different types of “pay”, “utility” and “value” tokens and assigns them all to a broader category of digital payment tokens. According to some, this makes it more difficult to circumvent certain regulatory requirements.

In addition to online fraud, Reports of cryptojacking trials in Singapore have reportedly increased significantly in the first quarter of this year.