Singapore MAS temporarily exempts cryptocurrency companies from obtaining licenses
The Singapore Monetary Authority (MAS) temporarily allowed cryptocurrency companies to operate in the country without a license to provide payment services until July 28, 2020.
On its official website, the financial regulator published a list of cryptocurrency exchanges and custodial services that can operate in Singapore without a license to provide payment services by the deadline. This list includes Binance, Coinbase, Ripple and BitGo.
Under the Singapore Payment Services Act (PSA) of 2019, cryptocurrency companies are required to have a license. In accordance with the recommendations of the FATF, the law was updated in January – it introduced the definition of digital payment tokens (DPT).
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Due to the tightening of the regime, many payment service providers have suspended their activities in Singapore. These included the Coinpip service, but its management is ready to apply for a new license. First of all, Singaporean cryptocurrency firms need to register with MAS, and then apply for a license before the end of the grace period.
If the companies fail to register, it will be considered that they violate the requirements of the regulator, therefore, they will not be subject to any exemptions and privileges. As MAS noted, the companies listed are not yet licensed, but have already passed the initial registration.
Recall that this month MAS issued new recommendations for issuers of digital payment tokens, and in the fall, the regulator proposed to allow the trading of cryptocurrency derivatives on regulated platforms in accordance with the Securities and Futures Law.