Binance Crypto Exchange Formally Applies for Singaporean Crypto License | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
Binance cryptocurrency exchange has formally applied for a license that will enable it to operate in Singapore as a bitcoin (BTC) trading venue and crypto exchange in the region, in accordance with the recently implemented Payment Services Act (PSA), according to a South China Morning Post report on February 17, 2020.
Binance Vying for Singapore Crypto License
As reported by BTCManager earlier in January 2020, Singapore’s financial watchdog, the Monetary Authority of Singapore (MAS), officially implemented the nation’s Payment Services Act (PSA) which aims to govern financial services platforms in the state including crypto exchanges.
In the latest development, Changpeng Zhao-led cryptocurrency exchange, Binance, has officially applied for an operating license in Singapore, to enable it to continue to do business in the region in accordance with the new legislation.
While Singapore has always exhibited a friendly approach towards digital currencies, the Payment Services Act is the first comprehensive regulation for crypto-related businesses and fintech firms in the region.
MAS Fostering Innovation with PSA
Specifically, the MAS has made it clear that the new PSA is aimed at promoting innovation and making life easier for crypto-focused businesses in the region, while also significantly curbing illegal activities in the state.