All customer deposits must also be segregated in separate bank accounts for safety and security. The MAS oversees the forex trading industry and is instrumental in implementing favourable policies in the FinTech arena, as well.Īny forex broker wishing to operate physically in Singapore must be licensed by the MAS and adhere to strict codes of conduct, capital adequacy requirements and operating standards. While the agency focuses on promoting and sustaining economic growth, it also has responsibility for every aspect of monetary policy, banking and finance, and the insurance industry. It operates as the Central Bank of Singapore, as well as the primary financial regulatory body in the country. Registration, licensing, and regulatory oversight are the purview of the Monetary Authority of Singapore (MAS). Daily forex trading turnover is said to be the largest in the region and to rival that of both New York and London. With the country’s emphasis on international trade, it is no surprise that Singapore is also a financial hub for foreign exchange. Singapore’s local government and culture is well known for strict adherence to and enforcement of rules, customs, and regulations. Law and regulation on forex trading in Singapore Workers tend to be highly skilled and tech-savvy, another benefit of this booming financial centre.
Singapore is also a high-tech centre, supported by the latest in technology infrastructure – a perfect host for servers and telecommunication networks for today’s virtual economy. Major global banks and a host of other well-known financial service companies, including forex brokers, have flocked to this tiny island community of just under six million people. Is Forex trading legal in Singapore, though?
Anglo Saxon common law led to political stability, and, as a result, Singapore has a reputation for being business friendly and welcoming. Following its independence from Malaysia in 1965, Prime Minister Yew, accepted the community’s English heritage and fostered education and upward mobility for all citizens.
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