Singapore’s Payment Services Act enters into force

Starting 30th January 2020 the Monetary Authority of Singapore (MAS) will enforce the Payment Services Act with an aim to incentivize cryptocurrency-related growth in the region, stated the official media release on Tuesday. The crypto-friendly initiative called the Payment Services Act was initiated to encourage crypto enterprises to lawfully conduct operations in the country by applying for a license and even get an opportunity to expand their businesses. The move is said to bring Singapore at par with other crypto-favoring countries like Japan, which has already approved over twenty-two licenses since 2017. Payment Services Act to spearhead crypto growth in