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Singapore’s Payment Services Act For Cryptos – 23 Yrs Old Teenager Arrested.

A 23-year old Singaporean teenager has been accused of unlicensed Bitcoin [BTC] dealing is set to become the primary person to be charged under the city-state’s Payment Services Act.

Recently on 23rd June, the Singapore police revealed that the women – whose details has not yet been disclosed – had offered a digital payments token service without a license. She is charged to have received a minimum of 13 illicit fund transfers, worth a total of 3,350 Singapore dollars [around $2,400], which she then used to buy Bitcoin.

The money is assumed to be proceeds obtained from victims of online scams. Police claim that the fraudulent transactions were made “on the instruction of an anonymous person,” for commission basis.

Singapore’s Payment Services Act For Cryptos

As reported, Singapore’s Payment Services Act came into effect on 28th Jan this year & it regulates cryptocurrency payments as well as trading enterprises beneath some aspects of the state’s regulatory regime for traditional payment services.

It introduced multiple registration and licensing requirements for industry firms and dealers, among other measures.

Unlike the U.S., the Monetary Authority of Singapore doesn’t draw a distinction between various sorts of “payment,” “utility” and “security” tokens, placing all of them within a broader category of digital payments tokens. This, some have argued, makes certain regulatory requirements harder to evade.

Alongside online scams, Singapore is additionally reported to have seen a big increase within the prevalence of attempted crypto-jacking attacks during the primary quarter of this year.

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