The CEO of the crypto exchange Binance, Changpeng Zhao, in an interview with Bloomberg, revealed that they have already applied for a crypto license in Singapore under the new regulations. He also said that Binance’s Singapore entity had been in close touch with regulators, and they had been open-minded about it.
Singapore implemented the Payment Service Act to regulate crypto trading.
The Payment Service Act came into force in January of this year. This act is the first comprehensive regulation for companies handling activities ranging from digital payments to crypto trading. This law will hand the central bank of Singapore (Monetary Authority of Singapore) supervisory powers for cybersecurity risks and controls on money laundering and terrorism financing.
Tokyo-based Liquid Group and London-based Luno also plan to apply for the license.
According to the Bloomberg report, Tokyo-based crypto exchange operator Liquid Group and London-based Luno that operate in Singapore also plan to apply for the license. The Payment Service act makes it mandatory for all cryptocurrency businesses in the country to get registered and obtain a license. There are three categories of licenses that crypto businesses can obtain, depending on the type of business they conduct. Several other countries are also adopting FATF guidelines to make crypto regulations more strict.