SINGAPORE EXEMPTS CRYPTO FIRMS FROM LICENSING REGIME FOR NOW

  • Recently all of the big cryptocurrency companies perivously registered at MAS have been spared from following new payments licenses till JULY in Singapore.

    Monetary Authority of Singapore (MAS) has published a list of companies that include some of the big exchanges and crypto custodian such as Binance, Coinbase, Ripple, BitGo.. They are allowed to continue their operation without a payments license.

    This will last only till JULY 2020 and after that all these companies will need to get a license application this was part of law the Payments Services Act 2019. This means all the companies working in Singapore need to submit it and to get approved or rejected for a license by MAS.

    This is quite general as any entity that is having payment options needs to hold a license and to be allowed to do payment services in Singapore, this rule is wide and it oal is to make sure that regulations are met. Singapore parliament passed an amendment on JAN 2019 where they included crypto under declaration of Digital Payment Token services, to be affected by this regulation as well.

    Now this will ensure that anti-money laundering is wide reaching and will include all the companies doing in any kind of payments either modern or traditional and many of companies will need to suspend their operation or simply apply for this license and protect their users.

    All Crypto firms which are now operating in Singapore are demanded to first register MAS, and after that they need to apply for a license to continue their operations.

    List of examptioned companies was created based on companies that have registered but haven’t been granted a licence.

    Stay tuned!
    Aleksandar JELIC
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