The team of Pundi X, a crypto payment service platform, announced it has been granted an exemption from Singapore regulator MAS for holding a license to operate in the country until July 28, 2020.
Earlier this year (January 28, 2020) the Monetary Authority of Singapore (MAS) commenced a new Payment Services Act (PS Act) to enhance the regulatory framework for payment services in Singapore. The goal is to strengthen consumer protection and promote confidence in the use of e-payments, including cryptocurrency payments.
“MAS has permitted us to continue providing account issuance and digital payment token services in Singapore until such time we make our license application. In compliance with the PS Act, we will be filing our license application to operate account issuance and digital payment token services by 28 July 2020.”
– David Ben Kay, Chief Legal Officer at Pundi X Labs
The published list of the applicants receiving the exemption can be found on the MAS website.