April 1, 2023

Cryptocurrency firms may operate in Singapore without a license

Cryptocurrency firms may operate in Singapore without a license

Several large cryptocurrency companies, including Ripple, Coinbase, and Binance, have received temporary exemption from the need to obtain a license in order to work in Singapore.

On Wednesday, the Monetary Authority of Singapore (MAS) announced that Ripple Labs Singapore, Coinbase Singapore, Binance Asia Services and others could provide preferential payment services.

All firms will be able to provide digital payment services until July 28, 2020. Before the termination of the exemption, companies must have time to file an application for a license.

The regulatory statement states:

Please note that these persons are not licensed under the Payment Services Act. However, they are allowed to continue to provide specific services to their customers.

Companies such as LedgerX, OKCoin, DRW, Cumberland, GSR, Pundi X, BitGo Singapore and Gemini Trust Company also received benefits.

Recall that on January 28 of this year, legislation governing the activities of cryptocurrency companies and blockchain enterprises came into force in Singapore.

According to the materials www.theblockcrypto.com