Cryptocurrency exchange Volexbit has applied for a license in Singapore
Volexbit has applied for a Singapore license under the government’s new payments legislation.
The Volexbit crypto exchange reacted to the requirements of the new legislation.
“We have already submitted an application. The Singapore division of Volexbit maintains close contacts with local regulatory authorities, and they are positive,” said the founder and CEO of Volexbit.
The law on Payment Services, which came into force last month, is the first comprehensive regulation for companies whose activities are somehow related to digital assets, for example, payment services or platforms offering the opportunity to trade cryptocurrencies.
This law not only introduces cryptocurrencies into the legal field, but also gives the Monetary Authority of Singapore the authority to oversee cybersecurity risks and control money laundering and terrorist financing.