Coinbase, Ripple, And Binance Get Temporary Exemption From New Licensing Requirements In Singapore
The crypto space is making a lot of moves these days and the main goal remains the mainstream crypto adoption just like the past year.
One of the moves that have been made at the beginning of the year in this direction was a partnership between Coinbase and Visa which brought cryptos closer to people.
A lot of crypto analysts say that the global crisis triggered by the coronavirus pandemic will make sure to highlight the crypto and blockchain massive potential and advantages.
Coinbase CEO Brian Armstrong said not too long ago, that these are the times for which Bitcoin was created in the first place.
Coinbase, Ripple, Binance get a temporary exemption from new licensing requirements
Singapore’s Central Bank and financial regulatory authority grants Coinbase, Ripple, and Binance temporary exemption from new licensing requirements.
It’s been just revealed that 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.”
These three aforementioned crypto companies are allowed to provide digital payment token services without a payments license until July 28th.
PS Act took effect back in January
The PS Act that took effect at the beginning of the year and it’s important to recall readers that this requires crypto companies and exchanges in Singapore to secure a license following concerns that the digital assets can be used for money laundering and funding terrorism.
The reasons are more than obvious – the anonymity and borderless nature of 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,” according to official notes cited by The Daily Hodl.
It’s been also revealed that the exemption will cease after the specified period.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.