Sentences with phrase «currency intermediaries»
Currency intermediaries refer to financial institutions or agents that facilitate the exchange of one form of currency for another. They act as intermediaries between buyers and sellers, helping individuals and businesses convert their money into a different currency when engaging in international trade or travel. These intermediaries can include banks, exchange bureaus, or online platforms that provide currency exchange services. Full definition
The Singapore regulator in 2014 said it would introduce legislations that required virtual currency intermediaries operating in the country to comply with measures to curb money laundering and terrorism funding.
zdnet.com
The Monetary Authority of Singapore (MAS) will regulate virtual currency intermediaries in a move to combat risks from terrorism - related financing and money - laundering.
Japan is the only major advanced economy with a licensing regime for digital currency intermediaries such as exchanges and payment providers.
MAS will be imposing anti-money laundering and anti-terrorism financing (AML / CFT) requirements on intermediaries that buy, sell or exchange cryptocurrencies, he said, adding: «We set out this AML / CFT regulatory framework for virtual currency intermediaries last year as part of our public consultation on the proposed Payment Services Bill.»
MAS» regulation of virtual currency intermediaries pertains specifically to the money laundering and terrorist financing risks they pose,» the regulator explained.
In its statement, the regulator said it will introduce legislations requiring virtual currency intermediaries that buy, sell, or facilitate the exchange of such currencies for real currencies to verify the identities of their customers.
The Monetary Authority of Singapore (MAS) said in a statement Thursday it will «regulate virtual currency intermediaries» operating in the country due to the associated risks.
It said it would require virtual currency intermediaries that buy, sell, or facilitate the exchange of such currencies for real currencies to verify the identities of their customers.
MAS will therefore introduce anti-money laundering and countering the financing of terrorism requirements on virtual currency intermediaries that deal in or facilitate the exchange of virtual currencies for real currencies.