This article will teach you everything you have to know about cryptocurrency, and the list of MAS Approved crypto exchanges in Singapore.
Is Cryptocurrency Legal in Singapore MAS?
First of all, what are cryptocurrency and its origin?
The cryptocurrency was mentioned first in 1989, and a few years after, in 1980, American cryptographer David Chaum invented digital cash that relied on cryptography to verify and secure transactions.
But it was only in the early 1990s that cryptographic software and protocols began to be developed that would make possible the creation of an excellent decentralized digital currency.
The cryptocurrency was invented in 2008 by a group of people or unknown people using the name Satoshi Nakamoto. The currency began its use 2009 when its implementation was released as open-source software.
Cryptocurrency is a virtual or digital coin in which transactions are verified and records are secured by cryptography, making it nearly impossible to double-spend or counterfeit.
It is a type of currency built on a blockchain technology that exists only online; it has no physical form nor regulating authority.
The Monetary Authority of Singapore, also known as MAS, is Singapore’s central bank and financial regulatory authority.
It administers statutes about money, insurance, securities, banking, the financial sector in general, and the issuance of currency.
As of now, the Singapore regulator has not backed any crypto for retail use. And in January 2022, The Monetary Authority of Singapore (MAS) issued guidelines to discourage cryptocurrency trading by the general public.
Singapore Crypto Exchange License
Singapore is different from most states by structured legislation which governs the circulation of non-fiat currencies and operations with cryptos.
This is one of the “friendly” digital money jurisdictions globally, whose national regulator (Monetary Authority of Singapore) consistently enhances the rules and issues clarifications regarding crypto exchange licenses.
Cryptocurrency Regulation in Singapore
The country’s legislation peculiarity is that permits are only issued to exchanges that list on the platform tokens equated to securities.
If the exchanger is not involved in their sales and purchase, a license for cryptocurrency is not issued.
Tokens are equivalent in “right” to the Central Bank if they represent access to the control of a business or its profits or certify the existence of responsibility to the bearer, such as debt loans.
Mining is not forbidden and is not regulated under the current legislation. It should be noted that mining costs in this jurisdiction are significantly above average.
Despite the limited field of licensing, Singapore is improving financial legislation in the area of regulating operations with cryptos.
So even a company that is not associated with securities should take steps to legalize its position and cooperate with MAS.
List of MAS Approved Crypto Exchanges in Singapore
Cryptocurrency exchanges play the role of a marketplace as well as a broker. Unlike stocks, you can have different brokers putting orders in the same exchange.
This also means that you can have different price quotes on Bitcoin or Ethereum on different exchanges. Fees, order types, liquidity, price spreads, and the types of coins offered can be widely different too.
Below are some of the MAS Approved cryptocurrency exchanges in Singapore
Gemini – Gemini supports over 42 cryptocurrencies, including Ethereum, Bitcoin, Dogecoin, etc.
Although that figure might appear much smaller than Binance, Gemini allows cryptos to be traded against fiat monies.
It removes a lot of the problems involved with transfers and improves liquidity on your end.
Huobi Global – Huobi Global supports 379 cryptos, putting it right behind Binance. These include XRP, Bitcoin, Polkadot, Ethereum, and more. Additionally, many options are available to exchange your cryptocurrency for fiat money and vice versa.
Cryptocurrency is a digital coin built in a blockchain secured by cryptography, making it nearly impossible to counterfeit.
The MAS has not backed the use of crypto, and If the exchanger is not engaged in their sales and purchase, a license for cryptocurrency is not issued.
Despite the limited field of licensing, Singapore is improving financial legislation in the area, and some MAS approved crypto exchanges in Singapore was listed above to make your exchange easier and faster.
Watch the video below to know the MAS approved crypto exchanges in Singapore:
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