The Monetary Authority of Singapore (MAS) has published a new notice to strengthen the legal framework governing digital token payments and cryptocurrencies. Companies that accept Bitcoin and digital token payments are required by this notification to improve their consumer due diligence procedures. These businesses now have to thoroughly identify and report any “high-risk customers” to the service following the new regulations. During the customer onboarding process, they are also required to collect and provide a broader range of data. This action by MAS intends to address possible risks related to digital tokens ... (full story)