The Monetary Authority of Singapore (MAS) has just announced that it has granted some companies license of exemption under the Payment Services Act (“PS Act”) to render payment services within the walls of the country.
As revealed in the report, a number of crypto companies like Binance Asia, Ripple and Pundi X among others were included in the list.
MAS noted that the companies are yet to be granted official licenses to offer payment services under the PS Act. Hence, the temporary exemption for the three companies will last till July 28, 2020, after which they will be required to make an application.
Speaking on the development, the Chief Legal Officer at Pundi X Labs, David Ben Kay, said: “In compliance with the PS Act, we will be filing our license application to operate account issuance and digital payment token services by July 28, 2020.”
Coinbase digital exchange was also granted the exemption till July 28. However, some other crypto companies like BitGo Singapore and Gemini Trust Company were granted immunity till January 2021.
“The exemption will cease after the specified period; or if the entity submits a license application under the PS Act, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant,” PS stated.
For firms that refused to alert MAS pursuant about the services they’ve been offering before the commencement of the PS Act, they would have their case treated as a breach of the notification requirements under the Exemption Regulations, and they’ll be exempted and not given licensed to offer payment services. For correction, such firms are urged to contact MAS.