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Singapore's crypto players face added scrutiny under new law

Companies that provide overseas digital currency services must obtain licenses

While some crypto players based in Singapore decry the city-state's tightening of regulations, others welcome the scrutiny as a way to weed out bad actors.

SINGAPORE -- Singapore on Tuesday passed a law that extends its cryptocurrency regulations to companies with a local presence that provide digital token services outside the city-state, as authorities further tighten rules around the emerging industry.

Lawmakers approved the Financial Services and Markets Bill 2022, which was brought up in parliament for debate on Monday. The law brings digital token service providers created in Singapore but who provide their services elsewhere under the purview of domestic regulators.

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