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According to a new document acquired by Global Coin Research, over 420 international crypto and non-crypto companies, including Coinbase, Gemini, Binance and Bitgo are competing to acquire the Payments Services License, recently introduced by Singapore’s Monetary Authority.
Scroll to the bottom to see the full list of entities applying.
As the city-state’s new Payment Services Act became effective on January 28, 2020, crypto firms from around the world are eyeing the potential of the license. As we’ve mentioned before, the Monetary Authority of Singapore (MAS) has been consistently differentiated itself in their ability to discern cryptocurrencies and blockchain, and their transparent approach to regulating the industry is attracting entities from all over the world.
From the comprehensive list acquired by Global Coin Research, companies applying for the license include existing large entities in Asia, as well as those in the West.
Binance’s Singapore entity, along with Tokyo-based crypto exchange operator Liquid Group Inc. and London-based Luno, which operate in Singapore, have already said they plan to apply for the licenses.
Additional firms that are also applying for the license include notable businesses such as Japan’s number one messaging app LINE and Kakao’s blockchain group Klatyn.
Singapore crypto local businesses included Coinhako and Binance Singapore, along with local conglomerates Razer Inc. & Changi Airport Group. Alibaba and Alipay Singapore, Amazon Asia, Google Asia have also been listed.
Other cryptocurrency exchanges on the list include Coinbase, Gemini, Bitstamp and OKCoin. Chinese and Taiwanese crypto businesses and token projects such as Bixin, 17 Media and Hashkey are also included.
The list was previously listed on MAS’s website but was apparently taken down. Scroll to the bottom to see the full list of companies.
While the newly introduced Payments Act License aims to update and regulate the general payments industry, the current applicant list has a notable number of cryptocurrency businesses (as shown through the number of checked boxes in the last column on the list), with many of the companies not even operating locally.
The MAS has said that the passing of the license act will “enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments.” Nevertheless, for cryptocurrency companies, it’s even more bullish as it is the first comprehensive license allowing companies to handle activities ranging from digital payments to the trading of tokens. The act applies to a variety of crypto businesses, ranging from payment providers, exchanges and other platforms dealing with cryptocurrencies.
The applicants are also obliged to meet anti-money laundering and counter-terrorism financing regulations.
As we mentioned in our 2020 prediction, Global Coin Research advises our readers to pay attention more to Southeast Asia (SEA) in 2020. SEA will see a concentrated and robust number of crypto activities in many of its regional countries, whether that’s focused on crypto, blockchain or digital currencies. This is especially applicable to Singapore, SEA’s hub.
Evidently, western companies are already looking to expand their focus. Coinbase has already initiated its hiring for its head of compliance in Singapore
While we see many parts of the world pushing forward in regulating cryptocurrency trading such as Korea and India, the state of outlook in many of those countries is still very early and uncertain. Singapore has shown ongoing progress and support for the cryptocurrency ecosystem, i.e. and Global Coin Research looks to continue to focus on the developments in that region.
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Below is the full list of applicants companies currently applying for the Payments Service Act License in Singapore, as of March 6, 2020.