Binance Applies for Singapore Crypto License Under The New Payment Services Act

2020-2-17 20:06

Binance crypto exchange through its parent company has applied for Singapore’s new operating license. This follows an upgrade of laws governing crypto in the FinTech friendly jurisdiction. Singapore sought to advance its payments’ ecosystem legalities as more firms’ leveraging blockchain tech and tokenization set up in the country.

Changpeng Zhao (CZ), has since cleared the air for Binance Holdings noting that its local entity was among the first stakeholders to apply for this new license. According to Mr. Zhao, Binance Singapore is quite open-minded and has been working closely with local authorities since its launch.

Singapore’s Payment Services Act

The payment services act came into being at the beginning of 2020 and is meant to harmonize digital payment operations. This act now regulates crypto market players whose business involves tokens like Ether or clearing and settlements networks that facilitate digital currency transactions.

One of the major reasons for advancing crypto regulation in Singapore was risk minimization. The new payments’ laws are set to empower the country’s Monetary Authority in issues money laundering, terror financing and cybersecurity exposures. Furthermore, it will be much easier to regulate all crypto-oriented firms in Singapore going forward under the same law.

Other firms that have signaled an intention to acquire the new license include Luno and Liquid Group Inc. The two are headquartered in London and Tokyo respectively but have a significant part of their operations in Singapore.

Binance’s swift move in compliance shows that the company’s market prospects in Singapore are promising. The exchange’s operation within this jurisdiction are run under Temasek Holdings’ VC wing, Vertex Venture. Since its inception, Binance has been on an upward growth trajectory despite regulatory uncertainties in booming markets like the U.S. This firm’s journey began with a crypto-to-crypto exchange mindset but is now making game-changing moves in both product innovation and compliance in new territories like Singapore.

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