Singapore MAS temporarily exempts cryptocurrency companies from obtaining licenses

The Monetary Authority of Singapore (MAS) has temporarily allowed cryptocurrency companies to operate in the countrywithout a license to provide payment services until July 28, 2020.

On its official website, the financial regulatorpublished a list of cryptocurrency exchanges and custodial services that can operate in Singapore without a license to provide payment services before the deadline. This list includes Binance, Coinbase, Ripple and BitGo.

According to the Singapore Payment Services Act(PSA) of 2019, cryptocurrency companies are required to have the appropriate license. In line with FATF recommendations, the law was updated in January to include a definition of digital payment tokens (DPTs).

Due to tightening of the regime, many supplierspayment services have suspended operations 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 companies fail to register, there will beIt is believed that they violate the requirements of the regulator, therefore, they will not be subject to any exemptions and benefits. As MAS noted, the companies listed are not yet licensed, but have already passed the initial registration.

Let's remember that this month MAS released newguidelines for issuers of digital payment tokens, and in the fall the regulator proposed to allow trading of cryptocurrency derivatives on regulated platforms under the Securities and Futures Act.

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