Working Towards the Payments Services Act in Singapore
Here at Wirex, we’re working closely with the Monetary Authority of Singapore (MAS) in order to acquire a licence under the new Payments Services (PS) Act. The licence will allow Wirex to continue to provide pioneering services in Singapore, including giving customers the opportunity to seamlessly buy, hold, exchange and spend over 150 traditional and cryptocurrencies using one easy-to-use app and travelcard. The news follows the recent announcement that a carefully selected number of cryptocurrency businesses operating in Singapore, including Wirex, have been given a temporary exemption from holding a PS Act licence. It’s great because it means that Wirex can continue to operate on behalf of its substantial existing registered customer-base in Singapore until we get the appropriate new licence.
The PS Act
You might have seen the article we wrote a few months ago, but to give you a bit of background, MAS introduced the PS Act in January 2020 in order to provide a progressive framework that would regulate payment systems and cryptocurrency services in Singapore. Wirex is already UK FCA-regulated, and we’re proud to say that we prioritise upholding regulatory standards in every territory that we operate, so it’s only natural that we’re wanting to apply this across our APAC region too.
Our General Counsel at Wirex, Dominique Simon, said that “Wirex looks forward to being able to apply the same industry-leading standards in Singapore. The PS Act is an innovative, forward-thinking regulation that captures the expansive and evolving scope of payment services.”
We believe that MAS’ regulations are essential in protecting both the consumer and operator, and continuing to reassure Wirex customers that their funds are safe. It’s also hoped that Singapore’s regulatory acceptance will encourage the digital economy in the region to grow even further. Simon also commented, “the creation of the act is a step in the right direction for the development of blockchain technology. It’s great that institutional bodies are recognising the benefits of cryptocurrency; our reliance on cashless payments in these unprecedented times have only further highlighted the need for the mass adoption of the digital economy and the demand for user-friendly platforms like Wirex to facilitate this.”
Wirex is Growing!
It’s an exciting time for Wirex at the moment, as we recently announced that we have achieved 3 million registered users on the platform, and have also witnessed more than 200% growth in their exchange volume in APAC over the past month. We think that the developments in Singapore place Wirex well for expansion into the wider APAC region, and continue to have ambitious plans to grow globally, with a USA launch imminent.
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