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+1 (888) 647 05 40Now this jurisdiction sets propitious conditions for the activities of crypto-exchanges. Thanks to the legal framework developed by the jurisdictional regulator (MAS), companies dealing with cryptographic currencies may legally operate in a given country. In Singapore, non-securities firms essentially don’t need a permit. Exchange deals involving crypto-assets are covered by governmental regulation as well as operations with securities deals.
Our team is ready to give you highly-qualified professional services for the general establishment and licensing of commercial structures. We offer ready-made companies for sale in the UK, France, Germany, Estonia, Czech Republic and others.
As for digital assets exchanges licensing on local level, it’s mandatory for enterprises providing services for the purchase and sale of tokens individually marked by the regulator. It applies particularly to tokens used as traditional stock market tools.
If a token gives the holder rights to manage and receive incomes from the business-activities of the company, it may be classified as a security. It’s just one example of a token being recognized as a stock market tool, and in general there’re quite a plenty of conditions for this.
For crypto-exchangers planning to spread exchange services and having tokens considered as securities, licensing for the exchange of cryptographic currency is mandatory. Otherwise, their activities will be considered illegal.
To get permission to provide crypto-services, a firm needs to fulfill certain conditions. Among them:
Regardless of the nature of the business-activity of the cryptocurrency exchanger, the firm needs to meet general standards and rules applicable to crypto-exchanges. The management of the enterprise should be carried out by a board of directors, including the chairman and general director, and specialized committees being in charge for issues of wages, audit, employees and conflict resolutions. Crypto-exchange owners are needed to to meet legislation for illegal monetary means circulation prevention, including identifying coin issuers before allowing them to trade.
To get permission to exchange digital currencies locally, it’s recommended to turn to our lawyers. We’ll give you support at all stages preparing the organization and carrying out the licensing process according to local law. Our team offers plenty of other licenses worldwide, particularly, Forex-license in Cyprus, gambling permit in Malta, EMI-licenses in European and Asian jurisdictions, etc.
Crypto-trading platforms are covered by regulations as crypto-token service providers under the Payment Services Act being released in 2019. Tokens representing securities are covered by securities laws applicable to traditional financial tools. Therefore, exchanges allowing trading of security tokens are covered by Securities and Futures Act, adhering to the same regulations as securities exchanges (stock exchanges). Currently, an operator who intends to carry out activities related to crypto-currency in Singapore must have a crypto license.
A digital asset business-project needs to meet certain requirement points:
Not all tokens are automatically considered securities under Singapore law. Assigning this status to them occurs on an individual basis, especially if they’re actually used as traditional stock market tools.
An example would be a situation where a token is a share, giving its holder rights to participate in firm’s management and receive profits. Likewise, a token may be a bond if it confirms a debt obligation of the issuer to the coin holder. There’re other scenarios when tokens are considered as stock market tools.
For crypto-exchanges wishing to add tokens to services provided, it’s obligatory to obtain a permit. It requires meeting next-mentioned standards:
Cost of licensing a cryptocurrency-related business-project in Singapore is based on plenty of factors and is therefore calculated individually. Our company’s experts will carry out the calculation, bearing in mind client’s demands and desires. You’ll receive a fully-estimated price for license getting immediately before starting cooperation.
Our team is ready to help you in getting various other permits. Particularly, EMI-license in Belgium, Estonia, Germany, France and other jurisdictions.
To obtain a permit, applicants need to be a company or corporation registered locally or abroad, but need to possess a branch in Singapore.
If you’re interested in the option to get a crypto-license in Singapore, please contact the lawyers of our firm. The organization is actively involved in the areas of Fintech and crypto, providing clients with personalized solutions bearing in mind the business-model of each firm.
Our experts help you select the optimal category of permit, prepare the mandatory documentation and give fully-covering legal support for the process of legalizing a crypto-business according to Singaporian laws.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.