The Monetary Authority of Singapore (MAS), the country's financial regulator, has announced Ripple, Coinbase and Binance can offer their services in the country for a limited period of time without the need to obtain the corresponding license.
According to the announcement, which was made on Wednesday, Ripple Labs Singapore, Coinbase Singapore, Binance Asia Services as well as other companies can offer digital payment services until July 28, 2020.
However, after the end of the exemption period, they will have to apply for the corresponding license.
This is not the only exception granted by the regulator, as other crypto-related companies such as BitGo Singapore and Gemini Trust Company can also offer account issuance, domestic money transfer and inward cross-border money transfer services until January 28, 2021.
The law that regulates payments in the country, the Payment Services Act, came into force at the beginning of 2020. At that time, the MAS expressed its concern about cryptocurrencies because they can be used for money laundering thanks to their anonymous nature. For this reason, all companies related to this type of assets must have the relevant license to operate in the country.
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