Express

MSA Opens Licence Application For Crypto Exchanges That Are Required To Operate In Compliance

Summary: The Monetary Authority of Singapore (MSA) announced that it will implement the Payment Service Act starting from January 28, 2020.Under the Act, all exchanges must file applications by February 27, 2020, and the MSA has made it clear that it will not accept any applications beyond the date.Also, the MAS published the latest "Guide To ...

The Monetary Authority of Singapore (MSA) announced that it will implement the Payment Service Act starting from January 28, 2020.
Under the Act, all exchanges must file applications by February 27, 2020, and the MSA has made it clear that it will not accept any applications beyond the date.
Also, the MAS published the latest "Guide To License Application For Payment Service Provider" on its website, and uploaded four sample application forms. The implementation of the act means that all digital currency exchanges, wallets and OTC platforms are service providers of payment tokens (including BTC, ETH, etc.), which must meet relevant anti-money laundering regulations and apply for appropriate licenses to operate in compliance.

Tracy Chen