According to officials, the crypto license of Singapore authorities is almost ready. After the final review they will give license to all crypto related services which are pending.
Singapore is most crypto-friendly region of the world. We can say this because this is the first country which enables people to use crypto through a Bitcoin ATM machine, while in the present time there are only 10 Bitcoin ATM machines. Now the Monetary Authority is almost ready to introduce their crypto license for crypto services.
Yesterday, Shanmugaratnam replied to a parliamentary question about the requests of the crypto services to get license under Payment Services Act.
According to Shanmugaratnam, there are a total 480 request applications of crypto service to get approval to run their operations which came into effect in January 2020.
170 applications are on the basis of DPT services program, through which the services are trying to offer token services or Digital assets services.
Those applications which are under DPT services didn’t get approval from Singapore Monetary Authority. While few of them have approval to run their services in crypto under the license of Payment services Act. These DPT services are Binance Asia Services, Gemini and Coinbase Singapore. These are currently running their crypto related Operations in Singapore. Right now these services have freedom to operate their business of crypto but the Singapore Monetary Authority will revoke their license after the completion of their crypto license.
Shanmugaratnam also confirmed that 30 applications have been drawn and 2 have been rejected. And the numbers of entities which can’t get any type of exemption are here
Monetary authorities are taking full overview in the license so that they can impose proper restrictions and regulations to control the crypto services and also they are taking care whether giving license to operate Crypto service will not bring any problems to the financial system. And also they will take care about the Money Laundering & terrorist funding types risk so that they can prohibit the chances to occur such kinds of risks.