The central bank of Singapore is making a move to put digital currency exchanges under its oversight.

The Monetary Authority of Singapore (MAS) is reportedly proposing a new regulatory framework for payments providers, including digital currency exchanges, in the city state, according to CoinDesk.

Under the proposal, payment activities will be divided into several categories and companies involved in payment services will be required to obtain a license from the central bank. Digital currency exchanges in the country, like CoinHako, Coinbase and Quoine, will be covered by a provision that oversees start-ups providing “money transmission and conversion services.”

“Regulation will be applied on an activity basis, and entities will only be required to apply for a single license to undertake several payment activities,” MAS said in a statement. “The proposed framework aims to strengthen standards of consumer protection, anti-money laundering, and cyber security related to payment activities, while facilitating innovation and system interoperability.”