Singapore to grant licences to digital payments services providers in ‘momentous’ move for cryptocurrencies
Singapore’s central bank has told “several” digital payments service providers that they will be granted licences to operate in the city state, in a move analysts say cements its status as Asia’s leading crypto-financial hub.
The central bank’s move comes as governments around the world continue to assess how best to regulate the borderless cryptocurrencies, which have rocketed in popularity, amid concerns that such markets could facilitate illegal activities like tax evasion and terrorism financing.
