Dwyer 2-10-21 Crypto – Some Coins I Like – Elrond & BNB

Contents

The Singapore regulator has allowed some ...

Singapore regulator allowed some crypto companies to operate without a license
CONTENT

  • Singapore regulator allowed some crypto companies to temporarily operate without a license

  • The general deadline for “regulatory holidays” is set until January 28, 2021

  • Earlier in Singapore came into force the law “On payment services”, obliging crypto companies to obtain licenses

International consortium of news organizations, developing transparency standards.

Among them were even cryptocurrency exchanges such as Coinbase, Binance, as well as other crypto companies like BitGo..

The Monetary Authority of Singapore (MAS), which is the country’s financial regulator, announced the easing of requirements for some companies, including cryptocurrency companies, to carry out their activities in the country.

According to the official announcement of the regulator, cryptocurrency companies such as Ripple, Coinbase, Binance, BitGo, BitTok, BitWallet and many others will be able to offer their services in the country for a limited period of time without the need to obtain an appropriate license..

It is reported that companies will be able to offer digital payment services until July 28, 2020.

However, after the end of the grace period, they will have to apply for the appropriate license.

This is not the only exception provided by the regulator.

The Singapore regulator has allowed some ...

For example, cryptocurrency companies such as BitGo Singapore and Gemini Trust Company may offer billing services, domestic transfers and domestic cross-border transfers for a longer period of time, namely until January 28, 2021..

Premature euphoria

The payment services law governing payments in the country came into force in early 2020.

Despite the lighter entry threshold for cryptocurrency companies, MAS is concerned about cryptocurrencies.

The Singapore regulator has allowed some ...

The regulator believes that companies from the virtual asset market can facilitate money laundering due to their anonymous nature.

For this reason, all companies associated with this type of asset must have an appropriate license to operate in the country..

By the way, last month the cryptocurrency exchange Binance applied for a license in Singapore.

Cryptocurrency paradise

Back in early February, new legislation began to operate in Singapore, which gives crypto companies the right to provide their services upon obtaining the appropriate license..

The Payment Services Law became the first regulatory framework for companies operating in the digital economy.

In addition to bringing cryptocurrency companies into the legal framework, the law will delegate to the Monetary Authority of Singapore all powers to regulate cybersecurity risks and control money laundering and terrorist financing with cryptocurrencies..

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The Singapore regulator has allowed some ...

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