What are the regulations imposed by the Singapore Monetary Authority on digital currency exchanges?

1 answers

• Feb 19, 2022 · 3 years ago
  As a digital currency exchange, BYDFi operates in compliance with the regulations imposed by the Monetary Authority of Singapore (MAS). MAS has implemented a comprehensive regulatory framework for digital currency exchanges in Singapore to ensure the integrity of the financial system and protect investors. Digital currency exchanges in Singapore are required to obtain a license from MAS and adhere to strict anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. They must implement robust customer due diligence procedures, including KYC and transaction monitoring. Additionally, exchanges must have proper systems and controls in place to detect and report suspicious activities. BYDFi takes these regulations seriously and works diligently to maintain compliance and provide a secure and transparent trading environment for our users.
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