Connect with us

Global News

Singapore grants regulatory approval to this exchange



Source: Unsplash

Cryptocurrency exchange has recently been granted preliminary approval from Singapore to provide crypto services in the Southeast Asian city-state. The exchange plans to grow its Singapore office and expand its client base as this process goes underway.

The Monetary Authority of Singapore (MAS) has granted an in-principle approval (IPA) for the Major Payment Institution License offering Digital Payment Token services.

Only this week, the MAS granted the same approval to Coinbase also.

Founded in 2011, has become one of the leading cryptocurrency exchanges in the world. Recently, it was granted approval in the United States, Grand Cayman, Italy, and Dubai to offer its services in those territories.

CEO and co-founder Peter Smith congratulated his team for its success on Twitter.

Singapore implementing rigorous licensing process 

Singapore’s central bank has put in place a lengthy and robust regulatory approval process while granting operating licenses to crypto entities in the city-state.

Since being implemented in 2020, the bank has given approval to, DBS Vickers, FOMO Pay, and Revolut among others. So far, not even 20 entities have been granted approval by the MAS to operate in Singapore.  

The collapse of a lot of crypto exchanges based in Singapore is said to be the most crucial reason behind the crash of the cryptocurrency industry early this year.

Three Arrows Capital, a Singapore-based cryptocurrency hedge fund, was reprimanded by the MAS for providing false information and exceeding the threshold of holding more than 250 million SGD in assets.

It later declared bankruptcy. Cryptocurrency exchanges operating in Singapore such as Zipmex and Vauld also collapsed during this period.

It was in light of such developments that the MAS had said that the body is considering introducing new regulations that will tighten the trading of cryptocurrency by retail investors.

The MAS chief Ravi Menon had said in August that cryptocurrencies don’t serve a useful function outside a blockchain except as a vehicle for speculation. The bank has, time and again, warned people about the risks associated with cryptocurrency investments.

Singapore is today Asia’s leading country in blockchain and crypto adoption, with a number of crypto companies applying for licenses. But its licensing process remains extremely rigorous, given its past experiences.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.