Allowed by Monetary Authority of Singapore to Provide Digital Payment Token Services; Granted Exemption From Holding a License Under the Payment Services Act for a Specified Period
Apifiny, a digital asset marketplace that facilitates institutional access to regulated, global financial markets, announced it has been granted an exemption by the Monetary Authority of Singapore (MAS) from holding a license under that country’s Payment Services Act (PSA). With this exemption, Apifiny can provide digital payment token services to businesses and residents of Singapore through services such as GlobalX, an Execution Services platform that will provide professional traders with access to global digital asset exchanges via a single account.*
“We applaud the crypto-friendly environment that Singapore is cultivating, accompanied by a very clear and rigorous regulatory structure.” – Haohan Xu, CEO of Apifiny
In being granted this exemption, Apifiny joins the local entities of many top crypto firms. According to MAS, exempted firms may provide digital payment token services until July 28, 2020, the deadline by which licensing applications to provide these services must be submitted.
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Singapore’s Payment Services Act was passed into law in January of 2019, with enforcement commencing in January of 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 (AML) and counter financing of t******** (CFT) requirements.
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“Singapore is a major hub of global finance,” says Haohan Xu, CEO and Founder at Apifiny. “We applaud the crypto-friendly environment that Singapore is cultivating, accompanied by a very clear and rigorous regulatory structure. Satisfying MAS’ compliance requirements represent an important step for Apifiny’s advance into the APAC market.”
“The granting of this exemption reflects Apifiny’s constant focus on regulatory compliance, technology and building a great team,” Mr. Xu continues. “We look forward to bringing Apifiny’s innovative digital asset solutions to the APAC market while contributing to the economic growth of Singapore.”
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