The Monetary Authority of Singapore (MAS) has temporarily allowed cryptographic companies to operate in the country without a license to provide payment services until July 28, 2020.
On its official website, the financial regulator has published a list of cryptocurrency exchanges and custodial services that can operate in Singapore without a license to provide payment services until that date. The list includes Binance, Coinbase, Ripple and BitGo.
Under the Payment Services Singapore Act 2019 (PSA), cryptographic companies are required to be licensed. In line with FATF recommendations, the Act was updated in January with the introduction of the definition of Digital Payment Tokens (DPT).
Due to the stricter regime, many payment service providers have suspended their operations in Singapore. Among them, Coinpip service has been included, but its management is ready to apply for a new license. First of all, Singapore cryptographic firms need to register with MAS and then apply for a license before the grace period ends.
If the companies fail to register, they will be deemed to be in breach of the regulator's requirements, so they will not be subject to any relaxation or exemption. As noted by MAS, the companies on the list have not yet received a license, but have already passed the initial registration.
Recall that this month MAS issued new recommendations for issuers of digital payment tokens, and in autumn the regulator proposed to allow trading in crypt currency derivatives on regulated platforms in accordance with the Law on Securities and Futures.
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