Crypto Firms in Singapore face issues Due to the New Law

The crypto industry can lose one of its favorite destinations. Singapore, which is as popular with such companies as Dubai and Wyoming, has passed a law called the Financial Services and Markets Bill. The bill requires crypto firms in the country but serving companies overseas to obtain a special license to do such business.

The law, passed earlier this month, will affect companies in India and other countries that have integrated Singapore to avoid their own regulatory issues. It also sets a precedent for other countries, allowing them to tax crypto companies based within their borders, but earn profits in foreign markets.

Crypto service providers in Singapore are also regulated by the Monetary Authority of Singapore (MAS). However, the new law will strengthen the regulatory authority and allow us to investigate service providers that serve only foreign markets.

It additionally indicates that the government in Singapore won't be inclined to be as type in the direction of the crypto enterprise as in a few different geographies. However, this could be a boon for Dubai, which has become a paradise for blockchain, Web3 and crypto companies.

The Virtual Assets Regulatory Authority (VARA) OF Dubai earlier this month, provides Web3 companies with the opportunity to act as licensed operators in their state. The agency also has the authority to regulate the issuance of tokens by crypto companies, audit such tokens, and investigate other aspects of the industry.