Posted by Kim Sabularse on 15 Nov 2023

Important Update on Transactions Using Cryptocurrencies

Singapore's regulatory authority overseeing precious metals dealers has recently implemented an update on its rules and guidelines governing precious metal transactions involving cryptocurrencies. This amendment to the Precious Stones and Precious Metals Regulations requires regulated precious metals dealers, like Silver Bullion, to perform additional Know-Your-Customer (KYC) procedures on clients intending to buy or sell bullion with cryptocurrencies (e.g., Bitcoin, Ethereum) above the daily threshold of S$20,000 per day.

WHAT THIS MEANS FOR YOU:

  • Default Daily Cryptocurrency Limit: The default transaction limit (combined limit) for buying and selling bullion with cryptocurrencies will be set to S$20,000 per day. You may request to increase this daily limit by completing the required Enhanced KYC Procedures.
  • Enhanced KYC Procedures: Should you wish to increase the Default Daily Cryptocurrency Limit for your Silver Bullion account, you will need to undergo to a one-time additional KYC measure. This process may involve completing additional forms and video verification of identity documents to facilitate the higher daily transaction limit.
  • Residents or Citizens of FATF Designated Countries: If your account is incorporated, registered, or domiciled in a country/jurisdiction that the FATF (Financial Action Task Force) has placed under increased monitoring, we are obligated to collect additional information and documents, which may include certified copies of documents. This requirement also extends to account owners who are citizens or residents of countries/jurisdictions that the FATF has placed under increased monitoring.
  • Applicability: This new policy applies to both existing and new customers intending to transact or to continue transacting in cryptocurrency above the revised cryptocurrency transaction limit of S$20,000 per day.

We understand the importance of these regulatory changes and are dedicated to ensuring a smooth and compliant process for our valued clients. Your cooperation and understanding during this transition are greatly appreciated.

Should you have any questions or require further clarification regarding these updated procedures, please do not hesitate to contact our customer support team via Secure Notification or at [email protected]. We are here to assist you every step of the way.