Midas, a one-stop cryptocurrency solution ecosystem, announced today that as of February 24, 2020, the company’s crypto exchange and payment platforms will no longer be operated by Midas Core Pte Ltd (a Singapore company) and will be operated by Midas Core Limited, a company incorporated and based in the British Virgin Islands (BVI).
“The Platforms will move to the BVI, as we wish to continue to offer easily accessible platforms at very low costs. Currently, the platforms are operating in Singapore. However, Singapore will adopt a very strict implementation of the new Payment Service Act that also applies to crypto companies. If Midas falls under these new regulations, this would mean that we have to demand an extensive amount of information from our current and future customers. We believe that crypto markets should be freely available to most, and the new regulations would put too high a barrier for the majority of users, both – regulatory and cost-wise. The implementation of these changes would greatly affect the platforms and its customers. Therefore, we have decided to operate the Platform from the BVI. The team and leadership will remain the same.”
– The Midas Team