Extraterritorial scope refers to the legal authority of a country’s laws and regulations extending beyond its national borders. In the context of digital assets, this means a jurisdiction may seek to apply its rules to entities or transactions occurring outside its physical territory. This principle addresses the global nature of blockchain activities.
Context
The extraterritorial scope of regulations is a significant and often debated topic in crypto news, particularly as governments grapple with overseeing a borderless digital asset market. This jurisdictional reach presents considerable challenges for international compliance and regulatory harmonization. Global platforms must consider laws from multiple nations.
Singapore's new DTSP framework mandates licensing for all locally-based digital asset firms, including those serving only overseas clients, to mitigate global illicit finance risks.
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