Ripple Singapore and Binance Asia receive important payment licence

  • The Monetary Authority of Singapore (MAS) grants an exemption to Ripple Singapore and Binance Asia to provide payment services in the country. 
  • The exception license is temporary and will be valid until July 28, 2020. 

The Monetary Authority of Singapore (MAS) published a list of companies that received an exemption under the Payment Services Act (“PS Act”). The list of beneficiary companies is extensive and includes Ripple Labs Singapore and Binance Asia Services among other major payment companies such as PayPal and Google Payment.

Limitations of the exception granted to Ripple and Binance

According to the MAS publication, the exception granted to Ripple Labs Singapore and Binance Asia Services will allow them to provide “specific payment services”. The MSA issued a special 6-month permit for these companies to continue operations. MAS states the following:

Please note that these entities are not licensed under the PS Act to provide the specific payment services, but are allowed to continue to provide the specific payment services.

Companies must still complete the paperwork to receive a license under the PS Act. However, the exception has a specific expiration period and the MAS clarifies that when applying for a license, the exception could be suspended if the application is rejected. This could make the process more difficult for a company wishing to continue operations in the country. MAS says:

The exemption will cease after the specified period; or if the entity submits a licence application under the PS Act, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant.

The specific payment services provided by the Monetary Authority of Singapore are as follows: Providing account issuance service, Providing domestic money transfer service, Providing inward cross-border money transfer service, Providing merchant acquisition service, Issuing e-money where the total float held by the e-money issuer does not exceed S$30 million, Providing digital payment token service. Ripple Labs Singapore and Binance Asia Services are authorized to provide their payment services. Therefore, Ripple will be able to run payment solutions involving the XRP token and Binance with the BNB token.

The payment exception granted has a deadline of July 28, 2020. The deadline corresponds to the services provided by the companies. MAS further describes:

Entities that provide a combination of payment services which includes digital payment token services should submit one application for all their payment services by 28 July 2020.

Finally, the Monetary Authority of Singapore urged all companies providing payment services in the country to notify it. Otherwise, they will be in violation of the PS Act.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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