BitXmi Applies Now To Be Regulated By MAS
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BitXmi applies now to be regulated by the Monetary Authority of Singapore (MAS)
In recent years, Singapore has been one of the countries with the largest financial investments in the cryptocurrency market. This is because the Singapore legal framework is one of the most loyal to businesses related to virtual currencies.
Cryptocurrency exchanges operating in Singapore, first of all, must comply with the standards in the fight against illegal money laundering and financing of terrorist organizations. In this connection, token issuers are responsible for identifying platform users.
Basic Requirements For Licensing Activities In Singapore
Issuing a license is a serious procedure. Cryptocurrency exchange companies wishing to license activities in Singapore should comply with several requirements:
- high security (it is necessary to ensure maximum security of the platform against unauthorized intrusions and the safety of funds on it);
- comply with exchange rules for transparent admission to trading;
- accounting of all operations carried out on the platform;
- not commit actions that violate the rights of platform users;
- create conditions for maintaining confidential information;
- record violations of the law and report this to competent authorized;
- have an established risk management system;
Why did BitXmi choose Singapore?
The head of the BitXmi exchange, Sanjay Jain, commented on his choice: “The choice of Singapore as the jurisdiction for the company was based on many factors, such as the positive attitude of government bodies towards the blockchain business and tax regime for foreign companies.” – he comments.
“Also, in Singapore, crypto assets are considered digital goods, and this was also one of the key reasons for creating the company there. The jurisdiction also has a very attractive regulatory regime for payment services and products, allowing exchanges to work not only with cryptocurrencies but also with fiat – cryptocurrency pairs without the need to obtain permission from MAS.” – says Sanjay.
“I’ll also say that in Singapore there have not yet been cases where regulators have taken actions aimed at bringing to business civil or criminal liability a business that is associated with the blockchain.”
What is the status of BitXmi now?
“BitXmi have been granted an exemption from holding a license under The Payment Services Act for the specific payment services for a specified period. It is now brought in list “Entities which have notified MAS under The Payment Services (Exemption for Specified Period) Regulations 2019”. We need to file our full application with MAS by 27th July” – explains Sanjay.
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