MAS Released List Of Entities To Offer Digital Payment Token Services

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The Monetary Authority of Singapore (MAS) has released a list of entities that have been approved an exemption from holding a license under the Payment Service Act, “PS Act.”
  • The submission will be approved on the date or may be rejected by MAS or can be withdrawn by the applicant.
  • OKCoin, BitStamp, Coinbase, Binance, CoinCola, TenX, UPbit, and ZB are some entities among the nearly 200 companies having a license to offer digital payment token services.

The Monetary Authority of Singapore (MAS) has released a list of entities  that have been approved an exemption from holding a license under the Payment Service Act, “PS Act.” This exemption will be granted for the specific payment services for a specific period. This includes digital payments and cross-border money transfer services etc.

The exemption will cease after a specific duration

The following entities are not authorized under the PS Act to provide the specific payment services but will continue to provide specific payment services. The exemption will end after a specific duration or if the entity submits a license application under the PS Act. The submission will be approved on the date or maybe rejected by MAS or can be withdrawn by the applicant.

Before the commencement of the PS Act, if any entity provides the specific payment services and has failed to notify MAS under the Exemption Regulations will be in breach of the notification requirements under the Exemption regulations.

These entities are not authorized or free from holding a license to provide specific payment services.  They may contact the MAS immediately. OKCoin, BitStamp, Coinbase, Binance, CoinCola, TenX, UPbit, and ZB are some entities among the nearly 200 companies having a license to offer digital payment token services.

Last date of submitting payment services by July 28, 2020

The entities that provide payment services, including digital payment token services, have to offer their payment services by July 28, 2020, as per official declaration.

At the beginning of 2020, The Monetary Authority of Singapore (MAS) announced the initiation of the Payment Service Act. The law consent the execution of a licensing regime that applies to payment providers, exchanges that are dealing with cryptocurrencies.

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