Binance recently revealed that he had applied for a license to operate as an exchange under the new Singapore legislation.
On January 28, the country’s new Payment Services Law entered into force in Singapore. After this, the exchange houses should be updated to continue operating, the first of all entities has been Binance. Yesterday Bianance CEO Changpeng »CZ« Zhao, through a phone call confirmed that they had already submitted their request.
“We submitted the application quite quickly. The Binance entity in Singapore has been in close contact with local regulators, they have always been open-minded. ”
The new Payment Services Law is the first total regulation for all entities that work with digital money. This includes exchanges such as Binance as trade with cryptocurrency tokens is included in this legislation.
To comply with the requirements of the new regulation, it is required that the entity be registered and authorized. After this, the entities must obtain one of the following licenses: standard payment institution, main payment institution license or money exchange license.
With this law, the Singapore government intends to establish a new regulatory framework for trading entities, while giving the Monetary Authorities of Singapore greater power to monitor possible cybersecurity risks and carry out controls against money laundering or terrorism financing.