Singapore is currently one of the new frontiers of the crypto industry. The country has recently opened its doors to the crypto industry with the introduction of the new Payment Services Act. The law itself provides for the regulation of the cryptoindustry, in particular payments via cryptography and cryptographic trade. It uses rules that were drawn up using the country’s traditional Fiat rules as a guideline.
Singapore is currently one of the new frontiers of the crypto industry. The country has recently opened its doors to the crypto industry with the introduction of the new Payment Services Act. The directive itself provides for the regulation of the cryptoindustry, in particular payments via crypto and cryptographic trade. It uses rules that were drawn up using the country’s traditional Fiat rules as a guideline.
The current regulated crypto limit
Any party interested in opening a crypto business within the Singapore borders must first apply for the appropriate licenses. Of the various licenses, one must obtain a currency exchange license, a standard license for payment institutions and a significant license for payment institutions.
Like Bloomberg on the 17 In February 2020, Binance plans to do just that. Binance, one of the world’s largest stock exchanges with headquarters in Malta, already has several offices throughout Asia and has an aggressive expansion doctrine. Binance CEO Chanpeng Zhao commented on the whole matter. He explained that Binance had already submitted the relevant application fairly quickly. He went on to say that Binance’s arm in Singapore is in close contact with the country’s regulatory authorities and that they are open to change.
One of many Binance extensions
More Binance will most likely have to set up a new company to serve customers in Singapore, similar to what happened in the US. Since compliance is different in each country, it is easier to create a country-specific entity than to completely restructure the company’s entire business model.
Currently, Binance is not the only entity trying to do this and is pushing for the new approvals in Singapore. Two other exchange operators have come forward to throw their hats into the ring of Singapore. The first is Liquid, an exchange operator based in Tokyo, Japan. The second is Luno, a London-based exchange.
Binance has made a very aggressive expansion since its inception. If you open news about a stock exchange that is expanding into a country, the likelihood that it is Binance tends to be higher than other stock exchanges. For the most part, the company’s expansion policy has only proved successful, as the stock exchange itself is already known for its large selection of crypto.
Singapore is simply the latest destination in a modernising world, with crypto taking its place as a staple in the entire financial industry.