Singapore, Dubai and the Philippines Pilot Crypto Industry Expansion
On the 28th of January, the Payment Services Act of Singapore allowed crypto-related firms to apply for operating licenses. Additionally, the Act provides a regulatory framework for dealing with crypto-trading and digital payments operations.
The Monetary Authority of Singapore, MAS, is in charge of regulation for crypto payments services, domestic transactions, and merchant regulation, which outlines the Act. Similarly, the MAS is also in charge of mitigating cyber-security risks and establishing controls to deal with the funding of terrorism and money laundering.
According to Nizam Ismail of Ethikom Consultancy, this New Act offers regularity on new kinds of payment activities, including e-wallets and crypto-exchanges.
Dubai Working on Launching Crypto Valley
As per the Dubai Multi Commodities Centre, (DMCC), Dubai is cooperating with the CVVC and CV labs to launch Crypto Valley. The Crypto Valley will provide numerous services according to a press release.
Its vision is to become the biggest domain for blockchain, distributed ledger, and cryptographic technologies worldwide. On the other hand, it aims to enable growth, cooperation, and integrity in the worldwide blockchain economy.
Philippines on Developing CEZA
In the Philippines, there is another Crypto Valley of Asia coming up, known as the Cagayan Economic Zone Authority (CEZA). The project aims at developing an $80 million airport, within the economic zone towards the attraction of more investors.
Raul Lambino of CEZA noted that the proposed airport is vital to develop and realize the vision of the Crypto Valley of Asia. He also pointed out that quick transportation of investors to the ecozone is feasible via an airport facility.
The Crypto Valley of Asia aims to enhance its fintech community by bringing investors from the worldwide blockchain and cryptocurrency firms. There are above 40 firms that received licenses from the CEZA, to develop cryptocurrency exchanges in the country.