100 companies do not receive crypto licenses in Singapore due to strict regulation-regulation
100 companies do not receive crypto licenses in Singapore due to strict regulation-regulation
More than 100 companies that have requested a license to offer cryptodes in Singapore were either rejected or their applications withdrawn. "Cryptocurrencies could be misused due to the speed and cross -border character of the transactions for money laundering, terrorist financing or proliferation financing," said the central bank of the country, the Monetary Authority of Singapore (MAS).
hard crypto regulation in Singapore
Since Singapore started regulating the crypto sector at the beginning of the year, around 170 companies have applied for a license for the offer of "digital payment token services", which also include crypto-related services.
More than 100 companies that have requested a license have either been rejected or their applications withdrawn, Nikkei Asia reported on Monday.
companies that worked in the country before the introduction of the approval regime were granted exceptions until they were processed. The high -ranking minister Thaman Shanmugaratnam informed the parliament in July that 90 companies were active under such exceptions.
A spokesman for the Monetary Authority of Singapore (MAS), the central bank of the state and regulatory authority for the crypto sector, told the news agency: "Cryptocurrencies could be due to the speed and cross -border border character of the transactions." The spokesman stated:
Provider of digital payment token services in Singapore ... must meet the requirements for reducing such risks, including the need to carry out adequate duty of care towards customers, carry out regular account reviews and to monitor and report suspicious transactions.
So far, only three companies have been listed as License units Securities, a unit of DBS Group Holdings, the largest bank of Southeast Asia; Startup for digital payments FOMO PAY; and Australia's independent reserve. In November, the MAS said that Singapore endeavors to make a target = "_ Blank" href = "https://news.Bitcoin.com/singapore-strives-to-becommal-crypto-hub- moneary-authority-reveals/" Rel = "noopener"> global crypto hub .
Head of the DBS Capital markets and Chairman of the Bank said in September: "We grow very quickly. Investors gradually explore cryptocurrencies and digital assets."
In September, the central bank binance no longer provides the residents available to the residents. Last week Binance announced that his Singapore platform . .
The CEO of Binance, Changpeng Zhao (CZ), claimed that the reason for the closure of his stock exchange in Singapore was due to 18 percent participation in HG Exchange (HGX), a regulated securities exchange in Singapore. However, Bloomberg reported that the real reason was that Binance could not meet the requirements for a license to operate a crypto exchange.
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