Notice of Binance, Coinbase, OKcoin obtaining Singapore cryptocurrency payment license

Today, the official website of the Singapore Financial Supervisory Authority (MAS) shows that at present, 89 companies applying for DPT have been notified. If the applicant takes necessary measures to meet the requirements of MAS for licensed operations, it will subsequently receive the MAS grant to the applicant License. Including 89 cryptocurrency exchanges including Huobi (FEU INTERNATIONAL PTE. LTD), Binance (BINANCE ASIA SERVICES PTE. LTD), Coinbase (COINBASE SINGAPORE PTE. LTD), OKCoin (OKCOIN PTE. LTD), etc.

On August 5, the Financial Supervisory Authority of Singapore stated that it has received 170 applications for digital payment token (DPT) licenses, 30 of which have been withdrawn and 2 of them have been rejected. It also stated that MAS will continue to review outstanding DPT applications.

Today, the Monetary Authority of Singapore (MAS) has notified several encrypted digital payment service providers of good news that they will obtain a license to operate in the city-state. MAS’s move was carried out after the approval of a cryptocurrency exchange license. Many industry insiders believe that Singapore’s move has ensured Singapore’s status as the Asian cryptocurrency center.

The authorities of the Central Bank of Singapore have notified digital payment service providers that it will authorize them to operate within their jurisdiction. The Monetary Authority of Singapore confirmed to the South China Morning Post’s “Asia of the Week” edition that out of 170 applicants, the Monetary Authority of Singapore has told 89 applicants that they are prepared to issue payment service permits.” The required measures. So far, two applications have been rejected, and another 30 applications have been revoked because they did not meet the anti-money laundering standards.

Previously, the Australian cryptocurrency exchange Independent Reserve announced earlier last week that it had received “approval” from the Singapore Monetary Authority and obtained a license as a regulated provider of digital payment token services. The trading platform stated in a statement that it was one of the first virtual asset service providers in Singapore to receive such approval.

Among them, the list of 89 companies includes:

Well-known cryptocurrency exchanges such as BINANCE ASIA SERVICES PTE. LTD, Coinbase Singapore PTE. LTD (COINBASE SINGAPORE PTE. LTD), OKCoin Pte. Ltd. (OKCOIN PTE. LTD) and so on.

As for the two companies that were rejected? The bureau said it could not disclose the company that was rejected.

In January 2020, Singapore’s “Payment Services Act” (PSA) came into effect. All DPT service providers operating in Singapore, including crypto exchanges, must register and obtain licenses. The new “Payment Services Act” expands the scope of supervision of MAS, including digital payment token services and other new payment services, screening its customer protection mechanisms, transaction and compliance structures, etc., to ensure that payment companies comply with anti-money laundering (AML) And counter-terrorism financing (CFT) requirements.

The Payment Services Act also clarified the license for digital tokens for the first time. Depending on the nature and scope of the service, payment service providers need to apply for a “currency exchange” license, a “standard payment institution” license, and a major payment institution license based on their respective circumstances. According to the Act, the eligibility requirement for permit applications is that at least one of the company’s directors is a Singaporean or a permanent resident living in Singapore.

In addition, when applying for a “large payment institution” license, the exchange needs to comply with anti-money laundering standards; and meet the basic requirements of MAS for technical security, including platform technology risk management system, user authentication, data encryption, prevention of server attacks, etc.; in addition, , Should also be prepared to accept regular spot checks by MAS; avoid illegal operations, so as to avoid punishments such as revocation of licenses.

In addition to the compliance requirements discussed above, when it comes to trading security tokens, the exchange also needs to obtain a certified capital market operator (RMO) license before it can conduct related businesses.

Industry observers predict that this development will increase the number of various cryptocurrency companies relocating to Singapore and consolidate its position as Asia’s leading cryptocurrency financial center. For example, Hong Kong, the city’s regional competitor, has opted for stricter regulatory policies.

According to Sumit Agarwal, a professor of finance and economics at the National University of Singapore, as China’s crackdown on cryptocurrency mining and trading continues, Beijing’s influence on Hong Kong is increasing. “This has created fear in the hearts of investors. And Singapore The regulators of the country are more open to current financial experiments because it is a small economy that can make decisions faster, which is one of the country’s biggest advantages.”

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/notice-of-binance-coinbase-okcoin-obtaining-singapore-cryptocurrency-payment-license/
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