• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Singapore Forensic Crypto Tracking
Nexo

New Singapore Payment Services Act Includes Forensic Crypto Tracking

Osato Avan-Nomayo by Osato Avan-Nomayo
3 years ago
in News, Bitcoin Regulation, News teaser
0
Advertisement

Financial regulators in Singapore are looking to implement robust crypto tracking as part of efforts to combat financial crimes. This move comes as authorities are set to introduce the country’s new Payment Services Act.


MAS Wants to Combat Illegal Crypto Transactions

According to a speech published by the Monetary Authority of Singapore (MAS), the financial regulator is keen to upscale its crypto surveillance capabilities.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Delivering the keynote address at the International Compliance Association Annual APAC, Loo Siew Yee of the MAS revealed:

MAS is experimenting with both in-house and external technologies to draw insights from new data points, such as transactional information on public blockchains and other sources. Such data will provide useful early warning indicators, alongside traditional sources of information such as statutory returns and suspicious transaction reports.

For Yee, the focus on cryptos is part of efforts by the MAS to strengthen the country’s anti-money laundering (AML) policies.

Earlier in September, Singapore’s Parliament passed the Payment Services Act which comes into effect on January 2020. The new law brings crypto-businesses under the purview of the MAS with a specific focus on AML/CFT compliance.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Singapore’s financial watchdog says it wants its crypto tracking modalities to be in line with international best practices. Intergovernmental bodies like the Financial Action Task Force (FATF) have in recent times advised nations to increase their crypto surveillance.

The Act is only the latest in a recent string of developments aimed at formalizing the country’s crypto space. As previously reported by Bitcoinist, Singapore’s tax body back in July proposed a law exempting bitcoin from Goods and Services Tax (GST).

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Several retailers in the country have even begun accepting bitcoin payments as the Southeast Asian theater continues to experience greater crypto adoption.

Blockchain Tracking On The Rise

Singapore’s focus on cryptocurrency surveillance comes at a time when reports indicate that crypto tracking capabilities are on the increase. According to a previous Bitcoinist report, blockchain intelligence firm CipherTrace says crypto tracking is possible for more than 700 tokens.

The firm issued a report showing the existence of crypto tracking capabilities for 87% of the trading volume of the top 100 cryptocurrencies by market cap.

Furthermore, the company revealed that it aided the U.S. Department of Justice (DoJ) in its recent takedown of the largest child pornography website.

With increasing crypto tracking ability, is the argument that virtual currencies support illegal activity a non sequitur? Let us know in the comments below.


Images via Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Osato Avan-Nomayo

Osato Avan-Nomayo

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Related Posts

Elon Musk

Elon Musk To Twitter: Let’s Do A Public Debate On Bots!

18 hours ago
Barcelona

Barcelona FC And Socios.com Sign $100 Million Deal For Web3 Push

1 week ago
Bitcoin

‘Bitcoin Valley’ Opens In Honduras Town In Hopes Of Attracting Tourists

1 week ago
digital payments

 Restrictions On Cash Payments In Israel Prompt Shift To Digital Payments

1 week ago
Ethereum

Ethereum Creator Says Facebook’s Metaverse Attempt Will Fail

1 week ago
Axie

Axie Infinity CEO Denies Claims Of Insider Trading; Game Token’s Value Down To Zero

1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.