Singapore’s Monetary Authority (MAS) says that Coinbase and Binance, two of the largest digital currency brokerages in the world, are among the few sites seeking license clearance
Coinbase And Binance Are Yet To Receive Licenses From MAS
According to Bloomberg TV, the MAS had around 170 applications on its website last year. So far, 30 companies have withdrawn their applications for operating licenses in the country, two have been denied, and three have been approved, leaving around 135 applications in the running. Only roughly 70 of these entities, including the aforementioned crypto behemoths, were granted permission to operate on a trial basis.
Despite the MAS’s bullish outlook as a developing Asian financial center, Ravi Menon, the bank’s managing director, is certain about the bank’s regulatory stance, particularly when it comes to risky digital assets.
“We don’t need 160 of them here.” In an interview last month, Menon stated, “Half of them can do it, but with extremely high standards, which I believe is a better conclusion.”
DBS Granted License To Operate
DBS’s Digital Asset Exchange, one of three companies granted a license to operate, now dominates the Singapore digital currency trading environment. Around August of this year, the exchange began full operations, and its transaction volume surged by more than 40% month over month. According to Bloomberg, the exchange’s total crypto assets under its care surpassed S$600 million ($443 million) at the end of October.
Regulations are becoming more stringent, and trading platforms are finding themselves in the crosshairs of market regulators all around the globe. The Binance exchange is still one of the most troubled trading platforms, with various regulatory bodies prohibiting it from operating due to a lack of a license.
Binance and Coinbase are demonstrating their readiness to embrace laws by staying in the fight for Singaporean licenses, a move that several market experts, including Binance’s own CEO Changpeng Zhao, believe is beneficial to the industry’s future.
