The highest GDP per capita, one of the freest economies in the world and a stable political environment – these are all Singapore. The economy of this island city-state in Southeast Asia is unique in the way that it continues to grow even in times of global crises. The maximum openness to foreign investment, a comfortable tax regime, and prudent financial supervision policy – simple as that.
The financial sector in Singapore is regulated by the Monetary Authority of Singapore (MAS) through the Payment Services Act 2019 (PSA). In particular, this Act regulates the exchange of funds, e-money issuance, international and domestic money transfers, account opening, and issues in the areas of virtual currencies.