Singapore’s central bank and financial regulatory authority is granting Coinbase, Ripple and Binance a temporary exemption from new licensing requirements.
In a statement, the Monetary Authority of Singapore (MAS) says the crypto firms have to comply with the licensing requirements under the Payment Services Act 2019 (PS Act) to continue operating in the country once their respective exemption periods expire.
The three crypto firms are allowed to provide digital payment token services without payments license until July 28th.
The PS Act, which took effect in January, requires crypto firms and exchanges operating in Singapore to secure a license following concerns that cryptocurrencies can be used for money laundering and funding terrorism due to the anonymous and borderless nature of the transactions.
“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.
The exemption will cease after the specified period; or if the entity submits a licence application under the PS Act, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant.”
A number of additional crypto firms are affected by the exemptions. The full list is available through the Monetary Authority of Singapore.