Monetary Authority of Singapore Grants Access To Crypto Companies To Operate Without License

The Monetary Authority of Singapore has approved an exclusion from holding a license to several cryptocurrency and blockchain establishments working in the nation under the new Payment Services Act. Coinbase, Luno, Binance, Gemini, Bitstamp, Wirex, and Upbit are some of the renowned businesses which are reaping the benefits of the 6-month grace period.

The Monetary Authority of Singapore, the central bank and financial regulator of Singapore, recently published a list of corporations that have been given an exclusion from holding a license under the Payment Services Act 2019 for a stated period of time. The Payment Services Act went live on 28th January and regulates the cryptocurrency service providers in Singapore.

Prior to the beginning of the Payment Services Act, all the digital asset corporations that were previously in business were obligated to inform the Monetary Authority of Singapore of their dealings and have been granted a license exception. The authority highlighted:

“These entities are not licensed under the PS Act to provide the specific payment services, but are allowed to continue to provide the specific payment services.”