Up to 100 crypto companies failed in Singapore to get their licence. The Monetary Authority of Singapore (MAS) wants to bring cryptocurrency into their country, but they don’t want to accept its risk factors.
Up To 100 Crypto Companies Failed To Get Their Licence:
According to the reports, up to 100 crypto companies out of 170 failed to get their license from the local financial regulator, The Monetary Authority Of Singapore (MAS).
Also japan financial publication “The Nikkie” runs a report taken from the MAS.
The report said that seemingly strict regulations surround it. Nearly 103 crypto companies in Singapore found their regulatory exemptions removed.
Words By Bitxmi CEO:
The CEO Sanjay Jain, at Dubai based crypto exchange, said that:
“ We can not operate in Singapore. We have an office there, but it is just more or less. There is just one person for our accounting and legal issue.”
Bitxmi crypto Exchange seems on the official list of entities no longer exempt under the payment service regulation”. On Wednesday, MAS also published a report in which they said the list includes the local outlets of big crypto industry players. Such as BitGo Singapore, Revolut Technology Singapore, Klaytn Korean-based blockchain firm, etc.
Under the Payment Services Act Of Singapore, another list of crypto exchanges that granted an exemption of holding the licenses includes Bitstamp Limited, Coinbase Singapore, Gemini Trust, and many more.
MAS Opinion For Digital Asset Payment Method:
Reports say that MAS wants to encourage and support the blockchain and crypto Tech in the country. However, along with it, their focus is on the vulnerabilities related to the ”digital payment Token Service.”
“Digital payment Token service providers in Singapore have to comply with the requirements to mitigate such risks, including the need to carry out proper customer. Due diligence, conduct regular account reviews, and monitor and report the suspicious transaction.”
However, Recently the news arrived about the biggest crypto exchange in the world, Binance, in terms of the trading volume. We uploaded the complete information about Binance. Singapore Announcement To Close Their Trading Operations In Singapore.
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