April 23, 2020 Singaporean cryptoasset payments provider, Coinpip to shut down operations due to regulatory demands.

The Singaporean cryptoasset payments provider, Coinpip has announced that it will be suspending operations as it reviews Singapore’s new licensing requirements. As of January this year, the Monetary Authority of Singapore (MAS) announced that it would be adapting the current regulatory code related to digital payments, meaning that cryptoasset payment services would be subject to the country’s existing anti-money laundering and counterterrorism financial rules. Coinpip is now considering whether to pursue a license from regulators which it will need to restart its operations.