Singapore Relieves Regulatory Pressure On Crypto Firms

The COVID-19 pandemic took a toll on the financial markets in many countries. The term “regulation crypto exchange” is being searched on Google by many users and the crypto news today show that Singapore relieves the regulatory burdens on crypto firms and many notable names.

Companies which will be benefiting from this exemption include the names of Alibaba.com, Alipay, Bitgo, Paxos, Paypal, Binance, Coinbase and Ripple. As you can see, not all of these are crypto firms which is proof that Singapore is easing the burden for many companies during these difficult times.

It all started when the Singapore regulator issued guidance and conditional registration relief for certain cryptocurrency exchanges. The regulation crypto exchange update showed an exhaustive list issued by the Monetary Authority of Singapore (MAS), which allowed 415 applicants to conduct their payment or crypto-related operations without holding a license until July 28, 2020. Among the firms granted an exemption from registration under the Singapore Payment Services Act were Alibaba, Alipay, BitGo, Paxos, PayPal, Binance, Coinbase and Ripple.

“Please note that 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 MAS said in the announcement.
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As Singapore relieves pressure off some crypto firms, we can see that the watchdog also said that entities that have been providing payment services before the PS Act but did not notify MAS about their activities will not benefit from the recent exemption.

If you are wondering why the regulation news show this update in Singapore, it is all part of a regulatory framework for crypto-related activities which was already seen in Europe. The law imposes crypto businesses to first register and apply for a license to operate in the jurisdiction. This will apparently force many operators to fully disclose their traders’ identities and report suspicious activity.

With the country thrashing its crypto regulation into shape, some providers had no choice but to cease operations while the consequences upon their related partners will be wide-reaching. This PSA law is very similar to the Fifth European Anti-Money Laundering Directive (AMLD5) in Europe, which went into effect in January 2020 as a legislation that represents Europe’s first attempt to regulate cryptocurrency activities.