Singapore Exempts Binance, Coinbase, Gemini, and Ripple From its Current PSA Crypto Act

2020-3-27 18:55

Singapore is counted among one of the crypto hubs of the world as it offers ease of business for these crypto service providers when a majority of the countries around the globe have taken a stricter regulatory approach.

Although Singapore recently enforced crypto legislation in the form of the Payment Services Act (PSA), the country has exempted popular crypto exchanges such as Binance and Coinbase along with Ripple from the act, right from the start of the new year.

Under the PSA act, crypto service providers are supposed to obtain an operating license from the Monetary Authority of Singapore (MAS). However, as per an official notification released on March 24, it has been revealed that several crypto service providers have been allowed to offer specific crypto service without the need of the operating license for a limited period of time.

The exempted firms including Binance, Ripple, and Coinbase have been offered a lease of 6 months from the start of the new year. All these firms can continue offering their service until July 28, 2020. After the said period is over, these crypto firms would be required to file a license under the current PSA act.

Few Crypto Service Providers Offered One-Year Grant

While Binance, Ripple and Coinbase have been offered a lease of 6 months, there are several other crypto entities which have been offered a longer period of exemptions from the PSA. These firms include the Gemini exchange, the OKCoin exchange, PundiX, Cumberland, DRW Holdings and a subsidiary of BitGo, which have been granted a lease period of 12-month.

Both Gemini and BitGo can continue offering specific crypto services such as account issuance services, domestic money transfer services, and inward cross-border money transfer services until January 28, 2021.

The move to exempt certain crypto service providers to operate in the country without the need to get an operating license can be seen as a bullish move by the MAS to encourage crypto adoption and establish Singapore as one of the crypto capitals of the World. After the said exemptions period are over, it would be interesting to see if the Singapore regulatory bodies grant any further exemptions to other crypto service providers looking to launch their service in the country.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0040298 (-100%)

crypto singapore service providers these business offers

crypto singapore → Результатов: 126


Binance Applies for Singapore Crypto License Under The New Payment Services Act

Binance crypto exchange through its parent company has applied for Singapore’s new operating license. This follows an upgrade of laws governing crypto in the FinTech friendly jurisdiction. Singapore sought to advance its payments’ ecosystem legalities as more firms’ leveraging blockchain tech and tokenization set up in the country.

2020-2-17 20:06


Фото:

Singapore Man Faces 34 Years in Prison for Illegal Crypto Mining

A 29-year-old man from Singapore faces 34 years in prison after allegedly stealing Amazon AWS and Google Cloud computing power and services to mine crypto. Stole Victims’ Information to Mine Crypto Ho Jun Jia also known as Matthew Ho was taken into the custody of the Singapore Police Force on September 26 after being charged under a 14-count indictment.

2019-10-11 18:00


Фото:

Crypto Pioneer David Chaum Says His New Blockchain Beats Bitcoin

eCash creator and pioneering cryptographer David Chaum unveiled his Elixxir cryptocurrency September 19 following two years of behind-the-scenes development. Targeting Consumer Scale Speaking at the Consensus Singapore conference, Chaum said his latest project addressed the shortcomings in speed which currently prevent bonafide blockchain-based assets such as Bitcoin scaling quickly.

2018-9-20 20:00


The Big Disruption: The World’s First Truly Decentralized Cryptocurrency and Blockchain Event to Happen in Singapore

A group of blockchain rebel-innovators from all over the globe teamed up to create a fully disruptive event that breaks barriers faced at usual crypto events. The post The Big Disruption: The World’s First Truly Decentralized Cryptocurrency and Blockchain Event to Happen in Singapore appeared first on CoinSpeaker.

2018-9-21 18:11


Фото:

Crypto EXPO Asia Promises to Gather the Whole Financial World Together in Singapore

SINGAPORE – Crypto EXPO Asia goes live on October 26, 2018 and Suntec Singapore Convention & Exhibition Centre hosts the world of blockchain and bitcoins for one day only. One more outstanding show organized by FINEXPO is going to take place and promises to become a success as crypto world gained its popularity worldwide Crypto EXPO Asia space will be...The post %%POSTLINK%% appeared first on %%BLOGLINK%%.

2018-9-20 17:00


Фото:

The Daily: Binance Tests Fiat Exchange, Russians Mull Crypto Platforms

Binance, the leading cryptocurrency exchange, has announced it will start testing a fiat-to-crypto currency trading platform in Singapore and we’ve got the story in Sunday’s edition of The Daily. Also, two islands in Russia are competing to host the country’s first regulated exchange, and the ECB says Europe doesn’t need a central bank issued crypto.

2018-9-16 15:28