March 27, 2020 Singapore’s financial regulator grants a limited exemption to cryptoasset service providers for acquiring licenses.

The Monetary Authority of Singapore (MAS) stated on Wednesday that it has exempted cryptoasset service providers from having to obtain a license, although the exemption is not indefinite. The exempted providers include Ripple Labs Singapore, Coinbase Singapore, and Binance Asia Services. Between now and July 28, 2020, these providers will be able to offer digital payment token services to customers. Other companies, including Gemini Trust Company and BitGo Singapore, will be able, until January 28, 2021, to offer cross-border remittances coming into the country as well as domestic money transfers. These exemptions come amid an increased regulatory environment within Singapore, as the nation introduced its Payment Services Act in January to counter money laundering facilitated by cryptoassets.