Binance with headquarters in Malta but also offices in cities across Asia, is attempting to expand its user base while staying regulatory compliant In Singapore.
On Feb. 17 Bloomberg reported that the Monetary Authority of Singapore opened its doors to crypto by introducing the Payment Services Act while the crypto exchange applies license for it.
Changpeng Zhao, Binance CEO, commented:
“We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”
The policy is intended to regulate cryptocurrency
payments and trading using regulations that currently govern traditional fiat
payment services as a guideline.
Any interested parties must apply for the appropriate licenses in Singapore, including a standard payment institution license, a money-changing license, and a major payment institution license.
As cryptocurrency exchanges expand into new markets, local governments are still attempting to decide how to regulate them. The Payment Services Act is the first such legislation for Singapore, regulating crypto trading and digital payments.
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.