Don’t know if the ETN management is aware of this yet, so thought I’d post it here.
Looks like with the required license ETN could legally act as remittance business too under the same license…unless I read it wrong.
Interesting article about Singapore’s plans for crypto regulation and licensing. If I’m reading this correctly, ETN would have to obtain a license to operate in Singapore, which level of license, I’m not sure. Regulation is coming faster than some imagined, 6 months to comply it looks like, if this article is accurate.
Looks like ETN was smart to acknowledge that regulation is coming and implementing KYC/AML compliance was the proper path forward.
The Payment Services Bill will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated.
In addition to payment service providers already under the current regulation, it’s been reported that cryptocurrency service providers who were previously outside of regulation can now expect to be licenced under the new Payment Services Bill.
Activities to be regulated by the bill include the issuing of accounts and electronic money, the transfer of money within and out of Singapore, the acquisition of merchants who will use their platform, money changing, and the dealing in and exchange of digital payment tokens such as Bitcoin.
The Payment Services Bill outlays 2 primary regulatory frameworks in which payment service providers must follow — the first being the enabling of MAS to regulate payment systems for financial stability as well as efficiency reasons, the second being that all payment service providers must be licensed.
Furthermore, payment service providers must apply for the proper license most suited to their services. They can either apply for money changer, a standard payment institution, or a major payment institution license.
To apply for a standard payment institution license, the entity must transact over $3 million per month and hold no more than $5 million.
I believe there are similar licenses available for fintech/crypto in the Philippines now too.