On 28 January 2020, the Payment Services Act (“PS Act”) went live as a key framework that will regulate Cryptocurrency / Digital Payment Tokens (DPT) businesses in Singapore.
The framework which is balanced with enabling innovation, establishing standards and Anti-money Laundering (AML) policies, has been highly anticipated by businesses in the local crypto scene for many years now, and will have a bearing on everyone that is a part of the ecosystem.
For a quick breakdown about the PS Act 👉 Click here
Here is a quick catch-up or recap of everything that has been happening up till now:
Continuity for Businesses granted an exemption from the PS Act
Businesses that notified local regulators of their intent to apply for the PS Act license on 27 February 2020 , were granted an exemption by local regulators from the PS Act. These businesses were allowed the continuation of business as usual until 28 July 2020, and makes up a list of companies that are bidding to become a licensed business in Singapore, under the PS Act.
Service and Product updates
As you should have noticed by now, we have been ramping up efforts to ensure that we are one of the first to bring the necessary changes to you.
Over the last few months, we have had a string of updates to our products and services that might have impacted your Coinhako experience.
1. Automated Verification Processes
As per popular demand by our users, automated features have been added to our verification processes. This would not only ease up identity verification for users, but also ensure the veracity of data that has been collected.
2. Account Information Updates
These updates — such as the recollection of certain identity documents — were made to ensure that all user data on our platform is up to date and aligns with the latest local regulatory requirements.
3. Changes to Cryptocurrency Support
Updates to support for cryptocurrencies on our platform were made to ensure we bring all the 'best-in-class' token trading offerings for all our users.
As the global financial community looks to further ramp up its efforts in preventing the financing of illegal businesses, these kinds of updates will become more commonplace across the cryptocurrency industry.
Your assistance thus far, has been crucial in helping us ensure alignment with the latest policies and will definitely minimize any further disruptions to our services for you in the future.
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*The information presented in this article does not constitute investment advice and is purely for educational and/or informational purposes.
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