The Monetary Authority of Singapore has exempted a number of crypto companies from obtaining a license and operating for six months. Among the companies benefiting from this six-month exemption period are Binance, Coinbase, Gemini, Bitstamp, Luno, Upbit, and Wirex.
Singapore authorities grant a license exemption.
Singapore’s central bank and financial regulator, the Monetary Authority of Singapore announced this week a list of companies that were granted an exemption from holding a license under the Payment Services Act 2019 for a period of six months. Crypto businesses that were already operating before the act into effect were required to notify the authorities, and license exemptions were also granted to them.
The exemption period will end on 28th July.
The new Payment Service Act went into effect on 28th January this year. The exemption period to operate without a license will end on 28th July 2020. Among cryptocurrency companies that must comply with the new Payment Services Act are Binance Asia Services, Bitcoin Exchange, Bitcross, Bitstamp, Coinbase, Coincola Singapore, Kryptos-x, Luno, Payward, Quoine, Ripple Labs Singapore, Upbit Singapore, and Zipmex.
The act classifies specific payment services into six types; account issuance service, domestic money transfer service, inward cross-border money transfer service, merchant acquisition service, e-money issuance service, and digital payment token service.