Singapore has passed a bill which legalises crypto providers; Bitcoin Rises

Singapore's parliament has approved a law that will tighten the rules for cryptocurrency providers in the city-state. The new legislation will require virtual asset service providers in Singapore, which only do business overseas, to be licensed, according to a report by Bloomberg. This move is wide of the mark and shows a lack of trust in the market.

Bitcoin's price rose by 1.14% in the last 24 hours, and it was trading at $46,686.47 at 5:00 pm IST. Its dominance in the crypto market is currently at 40.97%, down by 0.11% in the last 24 hours, according to Coinmarketcap.com.

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