100 firms in Singapore don’t obtain crypto licenses resulting from strict rules

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More than 100 companies that have applied for a license to offer crypto services in Singapore have either been rejected or their applications have been withdrawn. “Due to the speed and cross-border nature of the transactions, cryptocurrencies could be misused for money laundering, terrorist financing or proliferation financing,” said the country’s central bank, the Monetary Authority of Singapore (MAS).

Tough crypto regulation in Singapore

Since Singapore began regulating the crypto sector at the beginning of the year, around 170 companies have applied for a license to offer “digital payment token services,” which also include crypto-related services.

However, more than 100 companies that have applied for a license have either been rejected or their applications withdrawn, Nikkei Asia reported on Monday.

Companies that were active in the country before the introduction of the licensing regime were granted exceptions until their licensing applications were processed. Senior Minister Tharman Shanmugaratnam told Parliament in July that 90 companies were operating under such exceptions.

A spokesman for the Monetary Authority of Singapore (MAS), the country’s central bank and regulator for the crypto sector, told the news agency: “Cryptocurrencies could be due to the speed and cross-border nature of the transactions.” The spokesman stated:

Singapore digital payment token service providers … must meet requirements to mitigate such risks, including the need to exercise reasonable customer due diligence, perform regular account reviews, and monitor and report suspicious transactions.

To date, only three companies are listed as licensed companies on the MAS website: DBS Vickers Securities, a unit of DBS Group Holdings, the largest bank in Southeast Asia; Digital payments startup FOMO Pay; and Australia’s Independent Reserve. The MAS said in November that Singapore is aiming to become a global crypto hub.

The Head of Capital Markets at DBS and the chairman of the bank’s crypto exchange said in September, “We are growing very quickly. Investors are gradually exploring cryptocurrencies and digital assets. “

In September, the central bank ordered Binance to stop providing crypto services to residents. Last week, Binance announced that it was closing its Singapore platform.

Binance CEO Changpeng Zhao (CZ) claimed the reason for closing its Singapore exchange was due to an 18 percent stake in Hg Exchange (HGX), a regulated stock exchange in Singapore. However, Bloomberg reported that the real reason was because Binance failed to qualify for a license to operate a crypto exchange.

Tags in this story

Binance, crypto exchanges, crypto regulation, cryptocurrency regulation, MAS, mas bitcoin, mas crypto, mas cryptocurrency, singapore, singapore crypto regulation, singapore

What do you think of Singapore’s strict crypto regulation? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.

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