According to Tharman Shanmugaratnam, minister in charge of the Monetary Authority of Singapore (MAS), which regulates financial institutions in Singapore, the central bank is nearing the end of the process of reviewing applications for licenses to provide crypto services, such as payments and the operation of cryptocurrency exchanges.
a brief summary
- According to Shanmugaratnam, in a written response to a parliamentary inquiry, Singapore has received over 480 crypto service license applications since the Payment Services Act took effect in January 2020. Around 170 (or 35%) of these have sought for a license to deliver DPT services.
- DPT providers in Singapore have yet to receive a cryptocurrency license. DPT service providers in Singapore, including as cryptocurrency exchanges Binance Asia Services, Coinbase Singapore, and Gemini, are currently exempt from the Payment Services Act and do not require a license. The exemption is in effect until the applicant withdraws their application or MAS approves or rejects it.
- Thirty DPT applications were dropped and two were denied when Shanmugaratnam spoke with the Singapore authorities. This link will take you to a list of entities that are no longer exempt.
- “All applications are thoroughly examined by MAS, which takes into account a number of variables. These include the applicant's grasp of ML/TF risks and the technological risks posed by their business model, as well as the sufficiency of controls in place to mitigate such risks, according to Shanmugaratnam. “We shall reject applicants who do not meet the ML/TF and technological risk requirements outlined in MAS regulations and notices.”
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