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The Financial Action Task Force \u2013 an international agency which is intended to tackle criminal activity across the globe, is set to issue the first set of rules regarding cryptocurrency regulations in 2019. It\u2019s a good idea for crypto businesses to keep an eye on FATF guidance to be prepared for possible changes in their jurisdictions. Otherwise, businesses may leave themselves open to penalties, as implementing KYC tools may take time\u2014even when outsourced. Singapore\u2019s approach to and regulatory treatment of cryptocurrency has been pro-active and open-minded to accepting and recognising VASPs in Singapore. However, as Singapore\u2019s reputation as a financial centre is built on clarity, transparency and stability, it will be important for VASPs to be bound by MAS regulations, the overarching guidelines provided by the FATF and the Travel Rule. Traditional forms of regulation from the fiat world do not reciprocally apply to every aspect of crypto nor to the fundamental nature of blockchain technology. However well intentioned they may be, because these imposed regulations are built on an old system, they must be adapted and modified.<\/p>\n