The Monetary Authority of Singapore recently opened its doors to crypto by introducing the Payment Services Act. This policy is intended to regulate cryptocurrency payments and trading with the help of rules that currently use traditional fiat payment services as a guideline. All interested parties must apply for the appropriate licenses in Singapore, including a standard license for a payment institution, a money-changing license and a license for a major payment institution.
According to a Feb. 17 Bloomberg report, one of the world’s largest crypto exchanges has done exactly that. Binance, with headquarters in Malta, but also offices in cities in Asia, is trying to expand its user base while complying with legal requirements. Changpeng Zhao, CEO of Binance, commented on the expediency of the process:
“We submitted the application fairly quickly. The Singaporean entity of Binance has been in close contact with the local regulators and they have always been broad-minded. “
As cryptocurrency exchanges spread to new markets, local governments are still trying to decide how to regulate them. The Payment Services Act is the first such legislation for Singapore, which regulates crypto trading and digital payments.
Binance is not the only one who sees the potential of Singapore’s new regulations. Crypto exchange operators Luno, based in London, and Liquid from Tokyo have also expressed their intention to apply.