- A 23-year-old Singapore based woman allegedly accused of unlicensed Bitcoin dealing tied to scams.
- On June 23, the women had offered an unlicensed digital payment token service, as per the Singapore Police Force.
- Moreover, this is an exclusive Payment Services Act on Singapore that became effective on Jan. 28, 2020.
A 23-year-old woman from Singapore allegedly accused of unlicensed Bitcoin dealing tied to scams. However, with this offense, she becomes the first person to be charged under the Payment Services Act 2019.
Accused of 13 Fake Crypto Payment
On June 23, the women had offered an unlicensed digital payment token service, as per the Singapore Police Force. She asserted to have received around 13 fraudulent fund transfers, worth around 3,350 Singapore dollars (~$2,400), that she, at that point, used to buy Bitcoin.
Per the statement, these transactions took place on the guidance of an obscure individual in return for a commission. At the same time, the funds deposited in her bank account ended up being continuous of crime from victims of online scams.
Moreover, this is an exclusive Payment Services Act on Singapore that became effective on Jan. 28, 2020. The act controls cryptocurrency payments and trading under certain aspects of the state’s regulatory system for traditional payment services.
Increasing Crypto Crimes in Singapore
The women carrying misleading crypto payment services in Singapore charged on the court on June 24, 2020, under Section 5 of the Payment Services Act 2019. A fine of over $125,000 or imprisonment for up to three years or maybe both.
Besides this, the Monetary Authority of Singapore doesn’t draw a dissimilarity between different kinds of payments, utility, and security tokens. Thus, putting them all in an extensive classification of digital payment tokens.
Apart from online scams, during the first quarter of 2020, Singapore has found an increase in crypto-jacking attacks.