Charges with Illegal Crypto Operations Filed in Singapore
A 23-year-old resident of Singapore was accused of illegal cryptocurrency operations with bitcoins. She will be the first person in this city-state to be charged under the “Payment Services Act.”
New legislation in the city-state was passed in January 2019. Then, local cryptocurrency companies were obliged to register and make a license for a payment service operator.
Recall that the new legislation of Singapore, regulated by MAS, concerns cryptocurrency exchanges registered in Singapore. This year, the BitXmi cryptocurrency exchange has filed documents for the regulation of MAS. Read more about it here…
Country police reported that a woman whose name was not disclosed provided unlicensed payment services using bitcoins. Police say she received at least 13 illegal money orders totaling $3350 Singapore dollars ($2,400), which she then used to buy bitcoins.
Police believe that she received these funds from victims of online scams. For such a crime in the country, you can get a fine of about $90 thousand or go to jail for up to three years.
In December last year and in March 2020, the Monetary Authority of Singapore (MAS) issued recommendations for cryptocurrency service providers and token issuers, which, should complement the aforementioned “Payment Services Act.”
Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.