27 Mar 2020
Following new payments licenses is suspended until JULY for big cryptocurrency
companies perivously registered with MAS in Singapore.
The Monetary Authority of Singapore (MAS) has recently published a list of companies that are allowed to continue doing business without a payments license. The list includes some of the big exchanges and crypto custodian companies such as Coinbase, Binance, BitGo, Ripple...
After JULY 2020, a license application will be required for these companies in order to continue their operations in Singapore, as the part of the law introduced with Payments Services Act 2019 requires. This means that a license application must be submitted by all the companies who wish to continue working in Singapore, and MAS will decide which are going to get approved or rejected for a license.
There is nothing out of the ordinary here as, in order to be able to do any payment services in Singapore, any entity with payment options will be required to hold a license. The range of this legislation is national, and its aim is to make sure that all regulations are met. On January 2019, the parliament of Singapore had passed an amendment which, under the declaration of Digital Payment Token services, included cryptocurrencies to be affected by this regulation as well.
The new regulation should fortify anti-money laundering systems nation-wide, covering all the companies doing either modern or traditional payments of any kind. Companies will need to either apply for this license, thereby signifying their willingness to better protect their users, or suspend their operations entirely.
In order for the application for this license to even be possible, all crypto firms must first be registered with MAS, and after that, apply for a license in order to continue their operations in Singapore.
List of companies that were given an examption was made based on companies already registered with MAS that haven't been granted a license yet.