Singapore’s central bank has proposed a new regulatory framework for payments that could cover digital currency exchanges. Digital currency exchanges would be covered by a provision overseeing startups that provide “money transmissions and conversion services.
“The scope of currency conversion activities is intended to encompass the business of exchanging of currencies at a rate of exchange. In addition, it is likely that under the [Proposed Payments Framework], virtual currency intermediaries which buy, sell, or facilitate the exchange of virtual currencies, such as bitcoin, will also be considered to undertake [money transmissions and conversion services].”
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