100 Companies Fail to Obtain Crypto Licenses in Singapore Due to Tough Regula...
More than 100 companies that applied for a license to offer crypto services in Singapore have either been turned down or withdrawn their applications. “Cryptocurrencies could be abused for money laundering, terrorism financing, or proliferation financing due to the speed and cross-border nature of the transactions,” said the country’s central bank, the Monetary Authority of Singapore (MAS). Tough Crypto Regulation in Singapore Since Singapore began regulating the crypto sector, about 170 companies have applied for a license to offer “digital payment....
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The Monetary Authority of Singapore wants to support crypto and blockchain adoption in the country but it’s also willing to recognize the risks. More than 100 out of 170 “digital payment token services” in Singapore have reportedly failed to obtain licenses from the local financial regulator, the Monetary Authority of Singapore, or MAS. 103 companies related to the digital payment industry in Singapore found their regulatory exemptions removed amid apparently tough regulation, Japan’s financial publication The Nikkei reported Monday, citing data from the MAS.Sanjay Jain, CEO at Dubai-based....
Authorities in Estonia are working on new legislation expected to stiffen the rules for the country’s cryptocurrency sector. The Baltic nation’s regulator for the industry is considering whether to revoke previously issued crypto licenses and restart authorization from scratch.
Licensed Crypto Companies Register Millions in Turnover, Estonia Gets Little
With only around 1.3 million people, Estonia is one of the least populated member states of the European Union and the Eurozone. However, the small nation has become a magnet for a large number of crypto companies....
In a recent development, the stablecoin issuers Circle and Paxos have received approvals in Singapore. According to the report, the Monetary Authority of Singapore (MAS) signed the licenses for the firms. Regulatory licenses and approvals have become mandatory in almost all jurisdictions for crypto-related companies. Most countries are using regulatory approvals as a measure to […]
Binance is terminating some services in Singapore, including fiat deposit services and spot trading of cryptocurrencies, to comply with the country’s regulations. The exchange has already ceased trading in Singapore dollars. Binance Scaling Down Services in Singapore Cryptocurrency exchange Binance announced Monday some changes to its offerings in Singapore. The company wrote: With effect from 2021-10-26 04:00 AM UTC (12:00 PM UTC+8), users in Singapore will not be able to access certain functions on Binance.com including fiat deposit services, spot trading of....
The Monetary Authority of Singapore (MAS) has granted licenses to two companies to offer digital payment token services. The brokerage arm of DBS Bank received formal approval from Singapore’s principal financial regulator to provide crypto services. Australian cryptocurrency exchange Independent Reserve also received the same license under the Payment Services Act. With this, Independent Reserve becomes […]