KUALA LUMPUR, April 15 -- Digital asset marketplace, Apifiny has been granted an exemption by the Monetary Authority of Singapore (MAS) from holding a licence under that country’s Payment Services Act (PSA).
With this exemption, Apifiny can provide digital payment token services to Singapore’s businesses and residents via services such as GlobalX, an Execution Services platform that will provide professional traders with access to global digital asset exchanges via a single account. (Subject to regulatory requirements)
“The granting of this exemption reflects Apifiny’s constant focus on regulatory compliance, technology and building a great team. We look forward to bringing Apifiny’s innovative digital asset solutions to the APAC market while contributing to the economic growth of Singapore,” said Apifiny chief executive officer and founder, Haohan Xu.
Having been granted this exemption, Apifiny joins local entities of many top crypto firms. According to MAS, exempted firms may provide digital payment token services until July 28, the deadline by which licensing applications to provide these services must be submitted.
According to a statement, Singapore’s PSA was passed into law in January 2019, with enforcement commencing in January 2020. Under the PSA, all crypto businesses operating in Singapore must be registered and licensed.
The PSA gives MAS formal supervisory authority over payment firms, including those involved in cryptocurrency, to ensure, among other things, that they are compliant with anti-money laundering and counter financing of terrorism requirements.
More details at www.apifiny.com.
-- BERNAMA
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