Eternity Law International News Cryptocurrency license in Singapore

Cryptocurrency license in Singapore

January 28, 2020

Singapore has consolidated its position as one of the preferred fintech destinations for foreign investors around the world.  It thanks to a favorable taxation system and a modern regulatory framework that covers a wide range of activities related to the financial industry.

One of the newest and most in-demand types of businesses is related to the cryptocurrency field in Singapore. These companies will established in the fintech sector.

Those who wish to register a cryptocurrency company in Singapore are not required to apply for any special licenses unless they are engaged in any other activities related to the financial sector.

Our Singapore company formation staff can explain the requirements associated with starting a cryptocurrency company in Singapore. In some cases, for example, to work with Security tokens, for the purposes of payment systems, financial consultants and other cases, a license is still required.

According to the regulator of Singapore:

“… However, MAS will regulate virtual currency intermediaries in Singapore to combat money laundering and terrorist financing (ML / TF) risks.

There are virtual foreign exchange intermediaries who buy, sell or facilitate the exchange of virtual currencies in real currencies. They will need to implement procedures to verify the identity of their customers and monitor transactions. ”

Cryptocurrency Sphere in Singapore

The Monetary Authority of Singapore (MAS) is the main regulator of the financial sector in the city-state. It also provides for the creation of cryptocurrency enterprises.

2017 has become an important year for the Singaporean cryptocurrency sector as the IAS began to consider adopting legislation regulating the issuance and use of virtual coins. The IAS is also considering creating a legal framework for those interested in creating encryption tools for initial coin offerings (ICOs).

Foreign investors should also be aware that Singapore is one of the few countries in the world with a Cryptocurrency and Blockchain Industry Association dedicated to small and medium-sized enterprises (SMEs) operating in this field.

Our Singapore company formation specialists can assist foreign investors who wish to establish cryptocurrency companies here.

Company Formation Requirements for Cryptocurrency Business in Singapore

Those who wish to set up a company in Singapore in the cryptocurrency sector must first register one of the types of structures recognized by the Commercial Law. After that, a special license will be required for financial companies interested in working with cryptocurrencies, which are equated to securities.

IT companies can also use cryptocurrencies without submitting any special permissions to the MAS.

All types of companies must comply with the anti-money laundering regulations imposed by the MAS. It makes in order to protect customers and investors in the event that cryptocurrency funds are used.

If you would like to open a cryptocurrency company in Singapore and need assistance, please contact our Singapore company formation specialists.

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