The Central Bank of Singapore recently opened its doors to crypto and introduced the Payment Services Act. This is intended to regulate payments and trading in crypto currencies. It uses rules that currently apply to traditional payment services. All interested parties must apply for the appropriate licenses in Singapore. These include a standard licence for payment institutions, a money exchange licence and a licence for large payment institutions.
According to a report by Bloomberg on 17 February, one of the world’s largest crypto exchanges has done the same. The crypto exchange Binance from Malta, wants to attract more users and at the same time comply with all regulations. Changpeng Zhao, the CEO of Binance, commented on this process:
“We submitted the application pretty quickly. The Binance branch in Singapore was in close contact with the local regulatory authorities, who were always open-minded”.
Expansion into Singapore: Further crypto exchanges
Crypto currency exchanges want to open up new markets. The respective governments are still trying to find a way to regulate them. The Payment Services Act is the first such law in Singapore regulating crypto trade and digital payments.
Not only Binance sees the potential of the new regulation in Singapore. The crypto exchange operators Luno from London and Liquid from Tokyo have also announced their intention to apply for these licences.