Crypto players waiting on Singapore's playbook

Authorities treading fine line between keeping regulations and stifling innovation, observers say

Kelly Ng

Published Tue, Dec 7, 2021 · 05:50 AM

Cryptocurrencies

Singapore

THE Singapore regulator is faced with a large backlog of crypto-related licence applications.

According to the Monetary Authority of Singapore's (MAS) website, close to 70 applicants seeking to be licensed as digital payment token (DPT) service providers remain on the waiting list. These entities are operating under a regime that allows them to be exempted from holding a licence while their applications are under review.

More keenly associated with risks of money laundering than fiscal dollars, the cryptocurrency industry remains difficult to regulate. As Singapore continues …