More than 100 crypto companies failed to get a license in Singapore
Since Singapore began regulating the cryptocurrency sector earlier this year, about 170 companies have applied for a license to offer “digital payment token services,” which include crypto-related services. However, Nikkei Asia reported that more than 100 companies that applied for such a license have either been turned down or withdrawn their applications. Central bank fears cryptocurrencies could be abused for money laundering. Crypto firms that were operating in the country prior to the introduction of the licensing regime were granted exemptions until their license applications had been processed. A spokesperson for the Monetary Authority of Singapore (MAS), the countrys central bank and regulator of the crypto sector, said, “Cryptocurrencies could be abused for money laundering, terrorism financing, or proliferation financing due to the speed and cross-border nature of the transactions.” “Crypto firms have to comply with requirements to mitigate such risks, including the need to carry out proper customer due diligence, conduct regular account reviews, and monitor and report suspicious transactions,” the spokesperson added. Only three companies are listed as licensed entities on the MAS website. So far, only three companies are listed as licensed entities on the MAS website: DBS Vickers Securities, a unit of DBS Group Holdings, Southeast Asia‘s largest bank; digital