About 103 digital payment service providers in Singapore have failed to obtain licenses from the local financial regulator, the country's monetary authority.
According to Cowen Telegraph, the cited companies found that their regulatory exemptions, which appeared to be strict regulation in Singapore, had been removed.
Sanjay Jain, CEO of Dubai-based crypto exchange Bitxmi, said its Singapore subsidiary failed to secure a license from the country's monetary authority. .
We can't work in Singapore.. We have an office there, but it's not big - one person for accounting and legal matters," Jain noted.
Bitxmi exchange appears on the list of official entities that are no longer exempt under the Payment Services Regulations.
The list, published on Wednesday, includes the local branches of big players in the field, including Singapore's Bitgo, Singapore's Revolt Technology and South Korea's Clayton. Blockchain and others.
Another list, consisting of entities granted license contract exemption under the Payment Services Act, includes Bitstamp Limited, Coinbase Singapore, Gemini Trust, among others.
The Monetary Authority of Singapore has reportedly said that the authority wants to support the adoption of cryptocurrencies and blockchain but is also willing to recognize the risks.
