Singapore: Registration Relief on Crypto Exchange Firms Amid COVID-19 Pandemic

e_abrams

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Considering the health crisis the Singaporean regulatory body Singapore’s Monetary Authority (MAS) has issued a a conditional registration relief for some cryptocurrency exchanges, which allows them to operate without a license. This is a similar act as the FCA decision to request all ts listed companies suspend the publication of preliminary financial reports by two weeks at least.

MAS allowed over 400 cryptocurrency exchanges to work without a license, which means that they are are exempt from registering under the Singapore Payment Services Act (PSA). They are supposed to get a license by July 28th but due to the pandemic that date remains unfixed. Among the listed cryptoexchanges operating like this are Binance, Ripple, CoinBase, and Paxos.
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I really hope that does not lead to a hike in scams though.