Binance exchange, arguably the biggest crypto exchange in the world is looking to update its license. The exchange which is based in Singapore is looking to keep in track with the new comprehensive regulation introduced in Singapore. The government in Singapore is looking to strengthen its regulatory framework of companies handling or trading of cryptocurrencies.
The Payment Service Act
Singapore has emerged as one of the fastest developing regions. Its adoption has been one of the best in the world. As such, crypto-related companies have been setting camp in the region.
But for the government to ensure that investors and users are protected, it has had to ramp up operations to ensure complacency. Their latest attempt has been to introduce a new operating license for companies handling cryptocurrencies. This was introduced a month ago.
In an interview with Bloomberg, Binance CEO “CZ” Zhao Changpeng confirmed that they had already applied. He stated:
“We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”
The new license which is under The Payment Services Act will;
“…hand the Monetary Authority of Singapore formal supervisory powers for cybersecurity risks and controls on money laundering and terrorism financing.Bloomberg
Why Binance Choose Singapore
Singapore will continue in the years to come to dominate the world with new technology development and adoption.
As other countries like the US and China continue to fight development and change, Singapore will continue to harbor it. This will ensure they remain at the forefront, leaving the rest of the world playing catch up.
As for Binance, they have shown intent to remain in Singapore. But by far they have shown even more intent to reach the greater global base. Over the last couple of years, the exchange has continued to expand into new countries, supporting more fiat options and new cryptocurrencies.
It is clear that both Singapore and Binance are setting themselves apart and preparing to be world leaders in their own respect.