The Monetary Authority of Singapore (MAS) announced this week that dozens of companies have received temporary exemptions from the recently-enacted Payments Services Act’s new licensing requirements. Among those companies listed in the announcement are major cryptocurrency firms like Coinbase, Binance, and Gemini Trust.
The list of exempted companies also includes non-cryptocurrency firms like Paypal, Payoneer, Amazon Asia, Google Asia, and dozens of others. The complete list of granted exemptions can be found at the MAS website.
With the exemptions, the listed companies are granted the ability to continue specified operations without the required PSA license, for either six or twelve months. Most of the listed cryptocurrency firms have been granted a 6-month exemption, with Gemini Trust receiving a one-year license exemption.
According to the announcement:
The exemption will cease after the specified period; or if the entity submits a license application under the PS Act, on the date that the application is approved or rejected by MAS, or withdrawn by the applicant.