The Payment Services Act got here into impact in January 2020. All suppliers of DPT companies working in Singapore have to be registered and licensed beneath the Act. Before the three new licences, Singapore had granted licences and in-principle approvals to 11 DPT service suppliers. Regulator MAS has acquired 196 purposes as on the finish of May.
Nicholas Hanna of Pinsent Masons MPillay, the Singapore joint regulation enterprise between MPillay and Pinsent Masons, stated: “In the context of growing consumer activity and the tremendous attention being paid to the crypto industry, it is not surprising to find that the application to obtain a DPT licence is highly coveted as such a licence allows companies to offer a range of crypto services. The fact that to-date, only about 11 DPT licences and in-principle approvals have been granted out of the 196 applications received, suggests that the due diligence process for licensing crypto business is highly stringent and scrutinised by MAS, the regulatory authority for the issuance of a DPT licence.”
In January, Singapore launched a coverage to tighten restrictions on the promotion of cryptoassets amidst considerations the general public are being enticed into high-risk investments with out adequate warnings. The DPT service suppliers topic to the brand new restrictions embrace cost establishments, banks and different monetary establishments and candidates beneath the Payment Services Act.
Singapore central bank issues three crypto licence in-principle approvals & More Latest News Update
Singapore central bank issues three crypto licence in-principle approvals & More Live News
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Singapore central bank issues three crypto licence in-principle approvals & More News Today
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