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.
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.