Coinbase, Ripple and Binance Exempted From Holding Payments License in Singapore Until Summer

Singapore’s central bank and financial regulatory authority  is granting Coinbase, Ripple and Binance a temporary exemption from new licensing requirements.

In a statement, the Monetary Authority of Singapore (MAS) says the crypto firms have to comply with the licensing requirements under the Payment Services Act 2019 (PS Act) to continue operating in the country once their respective exemption periods expire.

The three crypto firms are allowed to provide digital payment token services without payments license until July 28th.

The PS Act, which took effect in January, requires crypto firms and exchanges operating in Singapore to secure a license following concerns that cryptocurrencies can be used for money laundering and funding terrorism due to the anonymous and borderless nature of the transactions.

“These entities are not licensed under the PS Act to provide the specific payment services, but are allowed to continue to provide the specific payment services.

The exemption will cease after the specified period; or if the entity submits a licence application under the PS Act, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant.”

A number of additional crypto firms are affected by the exemptions. The full list is available through the Monetary Authority of Singapore.

Check Latest News Headlines







Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



The post Coinbase, Ripple and Binance Exempted From Holding Payments License in Singapore Until Summer appeared first on The Daily Hodl.

About the author