The Monetary Authority of Singapore has reportedly released the Payment Services Act, as an initiative to adopt a more pro-attitude towards crypto.
Specifically, this freshly-rolled out policy seeks to provide regulation for crypto payments and trading, using the regulatory foundation applied for traditional fiat payment services at the moment as a reference.
Whichever establishments that aim to be functionally operable in Singapore are required to secure the necessary licenses, including a standard payment institution license, a money-changing license, and a major payment institution license.
“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.” Changpeng Zhao, head of Binance, shared his remarks regarding the potential move of the exchange.
With initiatives from numerous crypto platforms to enter new markets throughout the globe, local authorities find themselves facing the hard task of coming up with appropriate regulations. The Payment Services Ac will be the pioneering legislation, for Singapore, focusing on the crypto trading and digital payments sectors.