What are the requirements for obtaining a MAS license for a cryptocurrency business?

3 answers

• Nov 27, 2021 · 3 years ago
  Obtaining a MAS license for a cryptocurrency business in Singapore requires compliance with the regulatory framework set by the Monetary Authority of Singapore. The specific requirements include fulfilling the fit and proper criteria, demonstrating robust anti-money laundering and counter-terrorism financing measures, having a sound business plan, and maintaining adequate capital adequacy. Additionally, the business must have proper governance and risk management systems in place. It is essential to engage legal and compliance professionals to ensure full compliance with the MAS regulations.
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• Nov 27, 2021 · 3 years ago
  To obtain a MAS license for a cryptocurrency business, you need to meet certain criteria set by the Monetary Authority of Singapore. These criteria include having a strong track record in the financial industry, demonstrating a commitment to investor protection, implementing effective risk management systems, and having a solid business plan. The MAS also requires businesses to have adequate capital and comply with anti-money laundering and counter-terrorism financing regulations. It is advisable to seek professional advice and guidance to navigate the licensing process smoothly.
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• Nov 27, 2021 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi understands the importance of regulatory compliance. Obtaining a MAS license for a cryptocurrency business involves meeting various requirements. These include having a robust compliance program, implementing strong security measures, conducting thorough customer due diligence, and maintaining proper records. It is crucial to stay updated with the latest regulatory developments and engage with regulatory authorities to ensure compliance. BYDFi can provide guidance and support throughout the licensing process, helping businesses meet the necessary requirements to operate legally and securely.
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